RMWC Provides $37M Construction Loan for Space Coast Waterfront Multifamily

Midtown Capital Partners has successfully secured $37 million in construction financing from RMWC to develop Astor Pointe, a new 171-unit multifamily residential community located in Palm Bay, Florida. This bridge financing is structured as a 24-month floating-rate loan, with provisions for the interest rate to decline upon the completion of construction. The funds are designated to retire existing construction debt and support the project through its lease-up phase. The transaction was arranged by a team from Berkadia South Florida, marking another significant collaboration between Berkadia and Midtown Capital Partners, who have closed $200 million in deals over the past year. Situated along the Atlantic Ocean in Florida’s Space Coast, the development targets a supply-constrained market driven by strong demand from the local aerospace and defense employment base. The Astor Pointe complex will feature seven residential buildings with one- to three-bedroom units, complemented by amenities such as a resort-style pool, clubhouse, fitness center, and dog spa. Industry experts highlight the property's strategic location in one of Florida’s fastest-growing coastal markets, positioning it for successful occupancy.