RMWC has provided a $37 million construction loan for Astor Pointe, a 171-unit multifamily community in Palm Bay, Florida. The project is being developed by Midtown Capital Partners along the Atlantic Ocean, east of Orlando. The loan is structured as a 24-month floating-rate bridge financing. Interest rates will drop after construction is complete, and the debt will replace existing construction financing and fund the project through lease-up.
The deal was arranged by Berkadia’s South Florida team, including Scott Wadler, Mitch Sinberg, Patrick Johnson, Matt Robbins, and Brad Williamson. This is the second collaboration between Berkadia and Midtown Capital Partners in the last year, with the two firms closing $200 million in deals combined. The Space Coast, which includes Kennedy Space Center and Cape Canaveral Space Force Station, has seen strong demand for housing tied to aerospace and defense jobs.
Astor Pointe will be located at 3400 Wedgewood Drive North East. The development will eventually include seven residential buildings with one- to three-bedroom units. Scott Wadler of Berkadia said the property is in a supply-constrained market with high demand. ‘Astor Pointe stands out as a high-quality waterfront community in one of Florida’s fastest-growing coastal markets,’ Wadler said. ‘The property is primed for a successful lease-up.’
The project is part of a broader trend of multifamily development along Florida’s Space Coast. Midtown Capital Partners has not disclosed timelines for completion, but the loan will cover construction costs and initial leasing phases. The area’s proximity to major defense and aerospace employers has made it a target for developers seeking to meet housing demand.