The Ritz-Carlton Residences, Palm Beach Gardens Developer Secures $340M in Financing 

Catalfumo Companies, led by Daniel Catalfumo today announced that it has secured a $340 million loan from Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, to finance the construction of The Ritz Carlton Residences, Palm Beach Gardens. The marina-front development achieved $75 million in sales within days of the sales gallery launch.

"We are honored to be working with Madison Realty Capital, which has been unwaveringly supportive," said Daniel Catalfumo, Founder of Catalfumo Companies. “The development of The Ritz-Carlton Residences, Palm Beach Gardens marks a significant milestone for our organization, and Catalfumo Companies is elated to contribute to the development of the surrounding community through this project.”

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “The Ritz-Carlton Residences, Palm Beach Gardens meets the rising demand for luxury residences in the rapidly expanding North Palm Beach real estate market. We are pleased to provide customized financing to Catalfumo, which closed in only sixty days, for construction of one of the first luxury development projects in this community in nearly a decade."

Madison Realty Capital has significant experience investing in luxury condominiums and hotel branded residences across South Florida and in Palm Beach, most recently providing a $55.1 million loan to Savanna for a luxury waterfront condominium tower in West Palm Beach. Additional notable transactions for the firm include an $85 million loan to The Related Group, BH Group, Teddy Sagi’s Globe Invest, and Wanxiang Group Corporation for the acquisition and pre-development of a luxury condominium project on Fisher Island in Miami Beach, a $55 million loan to Fort Partners for the acquisition of a luxury residential condominium in the Surfside neighborhood of Miami, and a $105 million loan to Fort Partners for the acquisition and modernization of the Four Seasons Hotel Miami.

Situated on a sprawling 11-acre site with 850 feet of Intracoastal Waterway frontage, The Ritz-Carlton Residences, Palm Beach Gardens will be known as The Estate Collection and will be comprised of three-, four-, and five-bedroom layouts featuring spectacular views and uncompromising attention to detail. The Estate Collection’s expansive residences will offer an unparalleled level of coastal living, featuring 106 exceptional homes with prices ranging from $4 million to over $8 million.

Douglas Elliman Development Marketing has spearheaded the sales for The Ritz-Carlton Residences, Palm Beach Gardens. “Progress is accelerating rapidly and potential homebuyers are excited to be part of this prestigious development,” said Jay Phillip Parker, CEO of Douglas Elliman Florida and President of Douglas Elliman Development Marketing, Florida. “The Ritz-Carlton Residences, Palm Beach Gardens is a one-of-a-kind development due to its location, unparalleled services, amenities, and architecture that will usher in a new era of refined living to Palm Beach Gardens.”

Construction is set to begin in late summer 2023 with completion expected in 2025. To learn more, please visit TheResidencesPalmBeachGardens.com or call 561.295.7382.

Daniel Catalfumo represented the company in the transaction directly with Madison Realty Capital.

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