The Ritz-Carlton residences at Palm Beach Gardens in Florida are receiving a $340 million construction loan for 2025. This became a record for issuing the largest construction loan in the state after the interest rate increase.
On an area of 4.5 hectares, towering over the coastal waterway of Palm Beach Gardens, the newest luxury condominiums of medium-rise Ritz-Carlton Residences will be built. The New York-based company has reportedly provided a $340 million loan, the largest in Florida since the Federal Reserve began raising interest rates.
The developer explained in detail how the condominiums differ from others in the area: panoramic views from the balcony, a private marina, a golf lawn, a park, 16 penthouses, a huge infinity pool and parking spaces, each of which is equipped with chargers for electric vehicles.
It is known that after the opening of sales in February, sales of a luxury residential building are approaching $100 million. The price of each unit starts from $4 million, and the expected commissioning date is the 3rd quarter of 2025. Interested buyers come from different countries. The developer noted that the residential project is "ideally" suited for Palm Beach's office and business growth after the pandemic, as well as for South Florida, which is thriving as "Southern Wall Street".
People who are CEOs or presidents really have nowhere to live except a handful of overcrowded condos, the developer says. Therefore, they automatically gravitate to Palm Beach Gardens, which is the world capital of golf. And for them, this building is a completely new level, he notes. Experts also add that residents of New York and other northern cities continue to migrate to Florida and expect better options for life than ever. Cooperation with The Ritz-Carlton guarantees that the quality will be high, and will appeal to both permanent residents and those for whom Florida is a second home.