Midtown Capital Partners landed a $57 million bridge loan for a nearly completed multifamily project in Lake Worth Beach.
New York-based Infinity Collective, led by David Berg, Steven Kassin and Etienne Locoh, provided the financing for the Midtown Capital affiliate that is developing Astor Sound, a four-building complex with 230 apartments that is currently under construction. The loan provides Miami-based Midtown Capital, led by CEO Alejandro Velez, with funds to finish the project and lease up the buildings, Berg told The Real Deal.
Scott Wilder with Berkadia arranged the financing, Berg said.
“We felt encouraged [to provide the loan] by [Midtown Capital], the submarket, the property type and the business plan,” Berg said.
Astor Sound will offer a mix of one-, two- and three-bedroom apartments, the firm’s website states.
In 2021, Midtown Capital paid $4.8 million for the 6.4-acre development site at 2253 Keast Lane, records show. The same year, previous owner Lake Worth Investment Group obtained approval for the project from the city of Lake Worth Beach.
A real estate development and investment firm founded in 2005, Infinity Collective has more than $1 billion in assets under management, the company’s website states. In the past decade, Infinity Collective has also been a lender in East Coast markets that overlap with the firm’s real estate holdings in New York, Boston, Philadelphia, Washington, D.C. and South Florida, Berg said. “Our loan sizes range from $5 million to $75 million,” he said.
Midtown Capital has developed and owns 3 million square feet of commercial real estate in the U.S. and Spain, the firm’s website states. In July, Midtown Capital submitted plans to the city of Miami to build a 22-story tower with 348 apartments and ground-floor retail in Little River. The developer is seeking administrative approval for the project under Florida’s Live Local Act.
In February, Midtown Capital dropped $22 million for a warehouse complex near Opa-locka.
