Forec

Luxury condos make Florida history with state’s largest construction loan in post-rate hike era

30/05/2023

Catalfumo Companies founder Dan Catalfumo talks to Fox News Digital about the development of The Ritz-Carlton Residences in Palm Beach Gardens.

Before sealing a $340 million construction deal, one Florida developer and New York investor didn’t know they were making Palm Beach business history.

“We didn’t know it was going to be record-breaking, but we found out after the fact,” Catalfumo Companies founder Dan Catalfumo told Fox News Digital. “Our team worked extremely hard. We had all hands on deck for the size of this loan.”

Overlooking the Palm Beach Gardens intracoastal waterway sits a sprawling 11 acres that will be transformed 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 hiking interest rates, according to a press release.

SOUTH FLORIDA HEATS UP WITH ‘UNPRECEDENTED’ GROWTH, TRANSFORMS INTO ‘MOST DYNAMIC

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Real Estate

BCFSA rules on real estate agent's $50K loan to client

27/05/2023


A real estate agent who lent a client $50,000 so she could afford to make a deposit on a property in Richmond, B.C., committed professional misconduct by doing so, according to a provincial regulator.


The B.C. Financial Services Authority, which investigates real-estate-related complaints from members of the public, has concluded that Wei “Vicky” Wang’s loan constituted a conflict of interest, and that Wang had committed misconduct by failing to avoid the conflict and by failing to advise her client of it.


The BCFSA’s chief hearing officer Andrew Pendray issued his decision on the matter earlier this month. It was published online Wednesday. 


In it, Pendray wrote that the evidence before him supported the conclusion that the $50,000 Wang provided was a loan, and thus a conflict, despite Wang’s arguments to the contrary.


THE PURCHASE


Pendray’s decision came after hearings on the BCFSA’s fifth

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