Catalfumo Cos. has successfully secured a substantial $401 million first-mortgage loan for The Ritz-Carlton Residences, Palm Beach Gardens, a high-end condominium development. This significant financing, arranged by Berkadia and provided by Northwind Group, marks a major step forward for the luxury project located in Palm Beach Gardens, Florida.
Key Takeaways
- A $401 million loan has been secured for The Ritz-Carlton Residences, Palm Beach Gardens.
- The development features 106 luxury residences across three towers.
- Prices for the residences range from $3.8 million to $10 million.
- The project is slated for completion this summer.
Project Details and Financing
The Ritz-Carlton Residences, Palm Beach Gardens, will offer 106 exclusive residences spread across three distinct towers on a 14-acre site. The luxurious floor plans range from 2,875 to 5,120 square feet, featuring three to five bedrooms. With prices spanning from $3.8 million to $10 million, the development has already seen strong interest, with 50 percent of the units sold as of last December.
This new financing follows a $340 million construction loan obtained in 2023 from Madison Realty Capital. Construction for the project commenced in 2024.
Amenities and Design
Residents will enjoy an extensive 20,000 square feet of indoor and outdoor amenity space, all managed by The Ritz-Carlton. These amenities include a restaurant, swimming pool, state-of-the-art fitness center, pickleball court, and a dedicated dog park. Additionally, a 29-slip marina is available on-site.
The architectural design was led by Spina O’Rourke + Partners, with Susurrus handling hospitality services and The Decorators Unlimited responsible for the residential interiors. Seawood Builders is serving as the general contractor.
Strategic Location and Market Demand
Located at 2200 PGA Blvd., the development boasts a prime location with convenient access to Interstate 95 and is approximately 16 miles from Palm Beach International Airport. The financing underscores the robust demand for luxury branded residences in South Florida, driven by factors such as ongoing relocations from the Northeast and West Coast, a favorable tax environment, and the expansion of financial firms in the region.
This project is notable as the only Ritz-Carlton Residences condominium development designated as an Estate Collection property, highlighting its expansive, estate-style homes. The Ritz-Carlton brand continues its expansion in South Florida, with other projects underway in Fort Lauderdale Beach and West Palm Beach.