Florida's Largest Construction Loan Secured for Luxury Condos in Post-Rate Hike Era.
The Ritz-Carlton Residences in Palm Beach Gardens, Florida, is set to become the state's largest construction loan in the post-rate hike era, with a $340 million loan from New York-based Madison Realty Capital. The luxury mid-rise condominiums will feature panoramic balcony views, a private marina, putting green, park, 16 penthouses, massive infinity pool, and parking spots each equipped with EV chargers. The residential building is reportedly approaching $100 million in home sales, with each unit bid starting at $4 million and an expected move-in date of Q3 2025.