Catalfumo Companies has secured a $401 million loan to push The Ritz-Carlton Residences, Palm Beach Gardens through its final construction stretch. The 106-unit waterfront development, spread across three buildings, features a private 29-boat-slip marina and oversized “Estate Collection” floor plans aimed squarely at deep-pocket buyers north of West Palm Beach. The fresh financing clears the biggest near-term funding hurdle and keeps the project on course for a planned summer 2026 opening.
Who Put Up the $401 Million
Northwind Group originated the $401 million first-mortgage completion-to-inventory loan for the project, according to PR Newswire. A team from Berkadia, led by Scott Wadler and Michael Basinski, arranged the financing on behalf of Catalfumo Companies. The loan comes out of Northwind Debt Fund III and is structured as a floating-rate bridge facility intended to refinance existing construction debt and support carrying costs on remaining unsold units.
Project Details and Timeline
The waterfront complex sits on 14 acres at 2200 PGA Boulevard and will deliver 106 residences across three seven-story buildings, along with a 29-slip marina, according to Commercial Observer. Floor plans run from roughly 3,400 square feet to more than 6,500 square feet, and prices started in the millions when sales launched, The Real Deal reported. Developers say exterior construction is wrapped, with interior buildouts, landscaping and final finishes now underway ahead of the targeted summer 2026 delivery window.
Debt Stack and Recent History
Catalfumo previously lined up a $340 million construction loan for the project in 2023, according to Madison Realty Capital. The new Northwind financing is set to refinance that earlier construction debt and reserve a portion of proceeds to support opening costs and the remaining sellout, according to industry disclosures. CoStar noted that the bridge loan was announced as the development moves into its final stages.
What It Means for the Palm Beaches Market
Brokers and lenders say the deal highlights continued institutional appetite for high-end branded residences in South Florida, where truly waterfront sites are scarce and still attract serious capital. Ran Eliasaf, founder of Northwind Group, told Multi-Housing News that the marina access, Ritz-Carlton flag and large-scale waterfront residences all helped strengthen the case for the loan. Local market watchers also point to early sales momentum and Catalfumo’s long track record in the Palm Beaches as key factors in clearing the financing hurdle, The Real Deal reported.
