Catalfumo Lands $401M to Finish Ritz-Carlton Condos in Palm Beach Gardens

Catalfumo Companies has secured $401 million in bridge debt to complete its Ritz-Carlton-branded waterfront condominium project in Palm Beach Gardens, Fla.

Northwind provided the first-mortgage completion-to-inventory loan for the The Ritz-Carlton Residences, Palm Beach Gardens development that will consist of 106 condos on 14 acres along 1,040 feet of frontage on the Intracoastal Waterway. It is slated for completion later this year, with 35 percent of the units presold. A representative for the lender declined to provide the project’s total sales figures. 

“The combination of a 14-acre Intracoastal site, a private marina, and large-format floor-through residences, fully amenitized and serviced by the Ritz-Carlton, positions the property well within the market,” Ran Eliasaf, founder and managing partner of Northwind, said in a statement. “We are entering the project at the tail end of construction to carry its momentum through sellout, supported by meaningful presales achieved to date.”

Eliasaf added that the project will also benefit from South Florida’s “sustained migration from the Northeast and an expanding institutional presence.”

The floating-rate loan will refinance the project’s $340 million construction loan that Madison Realty Capital issued three years ago, with the remaining portion of the debt held back until the development’s completion. Scott Wadler and Michael Basinski of Berkadia brokered the transaction. 

Located at 2200 PGA Boulevard, The Ritz-Carlton Residences development will feature three- and four-bedroom condos across three seven-story buildings along with a 29-boat slip marina. Community amenities, spanning 20,000 square feet, will include a waterfront restaurant, a swimming pool, a spa, wellness facilities, a fitness center, a pickleball court and a clubhouse. Prices range from $4 million to more than $10 million.

Julia Echikson can be reached at jechikson@commercialobserver.com.