Catalfumo Companies secured a $401 million loan for its under-construction Ritz-Carlton Residences, Palm Beach Gardens.
The developer, led by CEO Dan Catalfumo, expects to finish construction of the 14-acre project at 2200 PGA Boulevard this summer, according to a news release. Northwind Group provided the floating-rate loan for the 106-unit condominium, and a Berkadia team led by managing director Scott Wadler arranged the loan, the release shows.
The planned complex will include three seven-story buildings and a 29-slip marina. The design team includes Spina O’Rourke and Partners and interiors firm Decorators Unlimited. Units will range from 3,400 to 6,500 square feet, and amenities will include a pool, a pickleball court, dog park and spa, private dining rooms, a clubhouse, a wellness center, guest suites and a children’s club, the release shows.
Prices for the remaining units range from $4 million to $10 million. The developer tapped Douglas Elliman Development Marketing to lead sales for the project.
Catalfumo bought the majority of the site for $33 million in 2021 from EB-5 developer Nick Mastroianni and added to it with the $18.5 million acquisition of a 2.4-acre waterfront mansion in 2023.
He launched sales for the Ritz-Carlton in 2022, when he estimated a total sellout of the project at $500 million.
This loan adds to the $340 million in construction financing Catalfumo secured from Madison Realty Capital in 2023, bringing the total borrowed on the project to at least $741 million.
In preparation for the project’s completion, Catalfumo hired Monique Nussbaum as the condominium’s general manager last month.
Catalfumo’s Ritz-Carlton is one of two condo developments underway in Palm Beach County bearing the hotel’s brand. Related Group and BH Group are planning the Ritz-Carlton Residences, West Palm Beach. In March, the developers landed a $200 million construction loan for the tower and reported the project was 70 percent presold.
