Palm Beach Gardens Ritz Developer Secures $340M Construction Loan

A 1,476-square-foot home in Palm Beach Gardens just sold for $18.5 million. But to Catalfumo Companies, it was likely worth every dime. The company is building the Ritz-Carlton Residences next door and they needed the property to expand their offering. The South Florida Business Journal reports Catalfumo obtained a $340 million construction loan for the 106-unit Ritz-Carlton in May. The loan was recently modified to include the property Catalfumo just acquired. The modest home, by the way, was on 2.45 acres, on the Intracoastal Waterway (see photo).

The Ritz-Carlton Residences will have condos ranging from 2,787 square feet with three bedrooms to 5,007 square feet with five bedrooms, including 16 top-floor penthouses. Catalfumo has them listed from $4 million to $8 million. The project also includes 29 boat slips. Spina O’Rourke + Partners in West Palm Beach is the architect of the project. Catalfumo hired Boston-based Suffolk as general contractor.

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