Berkadia has arranged a $57 million bridge loan to refinance the construction debt on Astor Sound at Lake Worth, a new 230-unit multifamily community in Palm Beach County that is nearing completion.
The financing team included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Vice President Patrick Johnson. The loan was secured on behalf of the sponsor, Midtown Capital Partners, a Miami-based real estate investment advisor, operator, and developer with a portfolio spanning the U.S. and Spain. Infinity Collective originated the two-year loan, which includes an option for a six-month extension. The transaction closed on September 19.
Located at 2201 Tenth Avenue North, Astor Sound is designed as a garden-style community with four residential buildings ranging from two to five stories, along with a clubhouse on a 6.5-acre site. The property offers one-, two-, and three-bedroom floor plans sized between 715 and 1,160 square feet. Units feature chef-inspired kitchens with center islands, quartz countertops, luxury flooring, front-loading smart washers and dryers, and oversized walk-in closets.
Community amenities include a resort-style pool with pavilion and summer kitchen, fitness center, co-working lounge, coffee bar, game room, conference room, dog park and spa, and outdoor trails. The development is located minutes from downtown Lake Worth, with convenient access to I-95, Palm Beach State College, HCA Florida JFK Medical Center, and Palm Beach International Airport.
Founded in 2010, Midtown Capital Partners is an SEC-registered, vertically integrated real estate firm with offices in Miami, West Palm Beach, and Madrid. The company oversees more than $1 billion in assets across 22 investment vehicles, representing over 200 investors.