RMWC Provides $37M Construction Loan for Space Coast Waterfront Multifamily

Midtown Capital Partners has secured $37 million in construction financing to build Astor Pointe, a 171-unit multifamily community in Palm Bay, Fla., along Florida’s Space Coast, Commercial Observer can first report.

RMWC provided the bridge financing, structured as a 24-month floating-rate loan that will see the interest rate decline once construction is complete. The debt will retire existing construction debt and finance the project through lease-up. 

A Berkadia South Florida team of Scott Wadler, Mitch Sinberg, Patrick Johnson, Matt Robbins and Brad Williamson arranged the transaction. The deal marks yet another collaboration between Berkadia and Midtown Capital Partners, as the two firms have closed $200 million in deals over the last 12 months. 

Located along the Atlantic Ocean east of Orlando, Florida’s Space Coast includes Kennedy Space Center and the Cape Canaveral Space Force Station. Berkadia’s Wadler noted that the coastal area is both supply-constrained for new residential properties and fueled by demand from an employment base built around the U.S. aerospace and defense industries. 

“Astor Pointe stands out as a high-quality waterfront community in one of Florida’s fastest-growing coastal markets,” said Wadler. “The property is primed for a successful lease-up.”

Astor Pointe sits along the waterfront at 3400 Wedgewood Drive North East. It will eventually deliver seven different residential buildings, each holding a mix of one- to three-bedroom units, in a complex that will include a resort-style pool, a clubhouse, a fitness center, a dog park and dog spa, a game room, and a coffee bar.

Midtown Capital Partners did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.