U.S. Development has secured a total of $73.8 million in construction financing for its planned Salato Residences in Pompano Beach.
Records show the Philadelphia-based developer secured a $67.8 million loan from Maxim Capital Group last week, in addition to the initial $6 million loan Maxim provided in 2022, bringing the total construction financing to $73.8 million.
U.S. Development, led by CEO John Farina, launched sales for the project at 305 Briny Avenue last year. The planned 10-story, 40-unit building is 40 percent presold, according to a press release.
Prices for the units start at $2 million, with marketing led by IMI Worldwide and sales led by Douglas Elliman Development Marketing. The project is slated for completion in 2026, the release shows.
Units will span 2,100 square feet to 3,400 square feet, each with three bedrooms, three bathrooms and one half-bathroom, the project’s website shows. Salato will also have six penthouses, the release shows.
The building will have 20,000 square feet of amenities, including a pool, fitness center, spa facilities and an event space with a catering kitchen, according to the release. Delray Beach-based Randall Stofft Architects designed the project, and Pompano Beach-based Interiors by Steven G. is handling interior design.
U.S. Development bought the 1.3-acre site for $9.7 million in 2022, property records show.
Pompano Beach has been a magnet for development in recent years. Last month, Related Group and BH Development scored design board approval for a 24-story oceanfront condo-hotel project with 303 keys and 77 condos. Related has other Pompano Beach projects in the works; it won a $158.9 million construction loan for its planned Casamar condos last year.
In April, Canadian developers Efstathios Tsatas and Nicolas Tsatas bought a second Pompano Beach development site with plans for a 21-story, 240-unit tower for $9.5 million.