Dealmaker: Madison Realty Capital Provides $340M Construction Loan

(The Ritz-Carlton Residences Palm Beach Gardens; illustration courtesy Madison Realty Capital.)

Madison Realty Capital, New York, provided a $340 million construction loan to Catalfumo Cos., Palm Beach Gardens, Fla.

The borrower will use the financing to construct The Ritz-Carlton Residences Palm Beach Gardens. Catalfumo Cos. Founder and CEO Daniel Catalfumo represented the company in the transaction.

Madison Realty Capital Managing Principal and Co-Founder Josh Zegen said the property will help meet the rising demand for luxury residences in the rapidly expanding North Palm Beach real estate market. He noted the loan closed in just 60 days.

Sitting on 11 acres with 850 feet of Intracoastal Waterway frontage, The Ritz-Carlton Residences Palm Beach Gardens will be known as The Estate Collection and will include 106 three-, four- and five-bedroom layouts with prices ranging from $4 million to more than $8 million.

Construction will begin late this summer with completion expected in 2025. The marina-front development achieved $75 million in sales within days of the sales gallery launch.