Catalfumo Closes $401M Financing for Ritz-Carlton Condos
Developer Dan Catalfumo secured $401 million in financing from Northwind Group for his 106-unit Ritz-Carlton Residences in Palm Beach Gardens. The project, expected to complete this summer, brings total borrowing to $741 million.
Developer Catalfumo Companies has locked in $401 million in financing for its luxury condominium project, the Ritz-Carlton Residences in Palm Beach Gardens, with construction nearing completion this summer.
Northwind Group provided the floating-rate loan for the 106-unit development at 2200 PGA Boulevard, which sits on a 14-acre site. A Berkadia team led by managing director Scott Wadler and Michael Basinski structured the financing arrangement.
The residential complex will feature three seven-story buildings and a 29-slip marina, designed by Spina O'Rourke and Partners with interior work by Decorators Unlimited. Units span between 3,400 and 6,500 square feet, with remaining inventory priced from $4 million to $10 million.
CEO Dan Catalfumo assembled the property through two acquisitions: purchasing the majority of the site for $33 million in 2021 from EB-5 developer Nick Mastroianni, then adding a 2.4-acre waterfront mansion for $18.5 million in 2023.
The recent financing builds upon $340 million in construction funding Catalfumo secured from Madison Realty Capital in 2023, pushing total project debt to at least $741 million. When launching sales in 2022, the developer projected total sellout value at $500 million.
Douglas Elliman Development Marketing handles sales for the project, while newly appointed general manager Monique Nussbaum will oversee operations as completion approaches.
Residents will access amenities including a pool, pickleball court, dog park, spa facilities, private dining rooms, a clubhouse, wellness center, guest suites, and children's club.
The Palm Beach Gardens project represents one of two Ritz-Carlton branded developments currently under construction in Palm Beach County. Related Group and BH Group are developing Ritz-Carlton Residences in West Palm Beach, which secured $200 million in construction financing in March and reported 70 percent presales.
Palm Beach County's luxury condominium market continues attracting significant developer investment and buyer interest, with branded residences commanding premium pricing in the region's upscale communities. The completion of both Ritz-Carlton projects will add substantial high-end inventory to the county's residential landscape.
