S. Florida Ritz-Carlton Developer Inks $401M Bridge Loan
Catalfumo Companies landed a $401 million first-mortgage completion-to-inventory loan secured by The Ritz-Carlton Residences, Palm Beach Gardens, a 14-acre, three-tower luxury branded residential and private marina development on the Intracoastal Waterway. The loan was originated through Northwind Debt Fund III and arranged by Scott Wadler and Michael Basinski at Berkadia
Located at 2200 PGA Boulevard in Palm Beach Gardens, Florida, with Intracoastal frontage, the project consists of 106 residences, all within a private waterfront complex that includes a 29-yacht slip marina with direct deepwater access to the Atlantic Ocean.
Residences range from three to five bedrooms with dens, with private elevator entry and interior living space from 2,875 to 5,120 square feet. The property features 20,000 square feet of indoor and outdoor amenities, including a waterfront restaurant, a 95-foot infinity-edge pool, spa and wellness facilities, a fitness center, a pickleball court, a dog park, and a residents’ clubhouse, all operated and serviced by The Ritz-Carlton.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout