Dan Catalfumo, Founder of Catalfumo Companies, speaks to Fox News Digital about the development of the Ritz-Carlton Residences in Palm Beach Gardens.
Little did they know they were making history in Palm Beach before a Florida developer and a New York investor signed a $340 million construction deal.
“We didn’t know it was going to be record-breaking, but we found out afterwards,” Catalfumo Companies founder Dan Catalfumo told Fox News Digital. “Our team has worked extremely hard. We had all the strength at our disposal for the amount of this loan.”
Overlooking the coastal waterway, Palm Beach Gardens, sprawls a sprawling 11-acre property being converted into The Ritz-Carlton Residences’ newest luxury mid-rise condominiums.
New York-based Madison Realty Capital provided Catalfumo with a $340 million loan, the largest in Florida since the Federal Reserve began raising interest rates, according to a press release.
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“We have extensive experience executing transactions in South Florida and will continue to review projects with strong sponsors, strong pre-sales and well-considered budgets,” said Josh Zegen, executive director and co-founder of Madison Realty Capital Fox News Digital. “Demand is still there, but we make sure we select the right projects that have had early success and can be implemented by experienced sponsors.”
The Ritz-Carlton Residences at Palm Beach Gardens is ready for homeowners to move in in the third quarter of 2025. (Fox News)
The developer detailed how these luxury condominiums set themselves apart from others in the area – panoramic views from the balcony, private marina, putting green, park, 16 penthouses, huge infinity pool and parking, each equipped with electric vehicle chargers.
“I don’t know if there are any other boxes I can tick,” Catalfumo said. “It’s so unique because they really are like houses made in heaven because they really aren’t condos.”
After starting sales in February, the luxury home is reportedly reaching nearly $100 million in home sales. Each unit bid starts at $4 million with an estimated move-in date of Q3 2025.
According to the developer, interested buyers come from all walks of life.
According to developer Dan Catalfumo, the residences’ balconies are big enough to fit an entire dining room.
The Ritz-Carlton Residences at Palm Beach Gardens offer homeowners panoramic views of the coastal waterways.
“It’s people moving out of older, large homes that are 20 to 25 years old that don’t want to be involved in the renovation project, and then buyers come in from out of states who are buying a brand new product,” Catalfumo explained.
The development is “perfect” for the office and commercial growth that Palm Beach has seen since the pandemic, the developer said, and for South Florida’s heyday as the “Wall Street of the South.”
“For people who are CEOs or presidents, there really isn’t a place to live apart from a handful of condos that are full. That’s why they are automatically drawn to Palm Beach Gardens, the golf capital of the world. And for them, this is a brand new building,” Catalfumo said.
The main pool at the Ritz-Carlton Residences will offer endless views of Palm Beach’s inshore waterway.
Palm Beach Gardens’ newest luxury mid-size condominiums also feature a private marina and yacht club.
Catalfumo Companies founder Dan Catalfumo says the building can be completed on time.
“New Yorkers and others from northern cities continue to move to Florida expecting better quality housing than previously available,” added Zegen. “Working with The Ritz-Carlton ensures quality is maintained and appeals to both full-time residents and those who divide their time between Florida and northern cities.”
Throughout the month, the Catalfumo team will be working on the construction of the final marina docks, awaiting the installation of the building’s sheet piling on May 16th. But both developer and lender are most looking forward to seeing families and “smiles on their faces” as they move into their new home.
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“Quite literally every time we do a brand new project and have our grand opening, all the customers come in and just smile,” said Catalfumo.
“We believe the market will continue to grow,” Zegen said, “as long as the infrastructure, primarily transportation and schools, can handle the influx of new residents.”
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