Berkadia has secured a $37 million construction bridge loan for Astor Pointe, a 171-unit, garden-style multifamily community under development at 3400 Wedgewood Drive NE in Palm Bay. The loan, arranged by Berkadia’s Scott Wadler, Patrick Johnson, Mitch Sinberg, Matt Robbins and Brad Williamson, will fund the project through RMWC on behalf of Miami-based Midtown Capital Partners. The developer plans to use proceeds from the floating-rate loan to pay off existing construction debt and cover remaining completion costs as the project nears completion. The 24-month loan is part of a broader effort to finish Astor Pointe, which will sit along the Indian River. Units will range from one- to three-bedroom layouts averaging 870 square feet. The complex will include a resort-style pool, clubhouse, fitness center, outdoor entertainment areas, dog park, spa, game room and coffee bar. Midtown Capital Partners did not immediately respond to requests for comment. The project is expected to add housing options in Palm Bay, a city with a population of about 50,000 people. Completion is slated for late 2027, though no official timeline was provided. Astor Pointe will be the first major residential development in Palm Bay since 2021, when a 128-unit apartment complex opened near the city’s downtown. The area has seen steady growth in recent years, with new housing and commercial projects breaking ground across the Space Coast. The loan comes as Brevard County continues to experience population increases, with projections showing a 12% rise in residents by 2030. Local officials have emphasized the need for affordable housing options, though Astor Pointe’s pricing has not been disclosed.