NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) -- 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.
The Ritz-Carlton Residences, Palm Beach Gardens are not owned, developed or sold by Marriott International, Inc. or its affiliates (“Ritz-Carlton”). DMBH RESIDENTIALINVESTMENT, LLC uses The Ritz-Carlton marks under a license from Ritz-Carlton, which has not confirmed the accuracy of any of the statements or representations made herein.
About Catalfumo Companies
Catalfumo Companies prides itself on the core values of integrity, quality and service. Established in 1978 by Daniel Catalfumo, the business that carries his name has become the largest privately-owned development firm in Palm Beach and has successfully completed over 75 million square feet of real estate with an aggregate value in excess of $8 billion. Catalfumo is sought after by national corporations and government entities who rely on unrivaled expertise throughout every stage of development, construction and management of landmark projects that have shaped the South Florida skyline. An ever-present culture of meticulous attention to detail and visionary expertise ensures quality from the ground. Previous projects include the development of 2700 N Ocean in Singer Island and construction management of The Ritz-Carlton Golf Club & Spa, Jupiter, Legacy Place in Palm Beach Gardens, Marriott Ocean Pointe, Oasis on Singer Island, U-Health Bascom Palmer Palm Beach Gardens Campus, Wackenhut Headquarters, West Palm Beach City Hall & Library, Port of Palm Beach, Palm Beach County Administrative Building, along with numerous projects along PGA Boulevard.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2022, manages approximately $10 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $22 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has more than 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized In March 2023 by PERE as the Debt Firm of the Year, North America for Fiscal Year 2022. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Realty, offers unmatched expertise in sales, leasing, and marketing for new developments throughout New York City, Long Island, Westchester, New Jersey, Florida, California, Massachusetts, and Texas. The company’s new development hybrid platform matches highly experienced new development experts with skilled brokerage professionals who provide unparalleled expertise and real time market intelligence to its clients. The firm is heralded for its achievements in record breaking sales throughout each of its regions. Drawing upon decades of experience and market-specific knowledge, Douglas Elliman Development Marketing offers a multidisciplinary approach that includes comprehensive in-house research, planning and design, marketing, and sales. Through a strategic global alliance with Knight Frank Residential, the world’s largest privately-owned property consultancy, the company markets properties to audiences in 51 countries, representing an over $87 billion global new development portfolio. For more information, please visit https://www.elliman.com/marketing.
Contacts
For Madison Realty Capital:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
