Berkadia Arranges $37M Construction Bridge Loan for Waterfront Multifamily Community on Florida’s Space Coast
Palm Bay, Florida – May 12, 2026 – Berkadia, a distinguished leader in the real estate sector, announces that it secured a $37 million construction bridge loan to finance Astor Pointe, a 171-unit waterfront garden-style multifamily community underway in Palm Bay, Florida.
Managing Director Scott Wadler and Vice President Patrick Johnson, along with Senior Managing Director Mitch Sinberg, and Managing Directors Matt Robbins and Brad Williamson, of Berkadia Miami secured the financing on behalf of Midtown Capital Partners of Miami, Florida. Berkadia has closed more than $200 million in financing on behalf of Midtown over the last 12 months.
The lender, RMWC, provided a 24-month, floating-rate loan, with a rate step down upon project completion. Loan proceeds will be used to retire the existing construction debt and fund remaining completion costs as the project delivers and stabilizes.
“Astor Pointe stands out as a high-quality waterfront community in one of Florida’s fastest-growing coastal markets,” said Wadler. “With new construction delivering into a supply-constrained submarket and demand fueled by the Space Coast’s expanding employment base, the property is primed for a successful lease-up.”
“Astor Pointe checks all the boxes investors are looking for today – new construction, a waterfront setting, and direct access to one of Florida’s most dynamic growth corridors,” added Johnson. “Supported by sustained population growth and a strong employment base, the property is positioned for long-term performance following stabilization.”
Located at 3400 Wedgewood Drive NE, Astor Pointe is planned to deliver seven residential buildings, plus a clubhouse, overlooking the Indian River. The property offers a mix of one-, two-, and three-bedroom residences averaging approximately 870 square feet. Community amenities include a resort-style pool, clubhouse, fitness center, outdoor entertainment areas, dog park and spa, game room, and coffee bar.
Astor Pointe is strategically positioned along U.S. 1 in South Brevard County, providing direct connectivity throughout Florida’s Space Coast, a rapidly expanding aerospace and defense hub. Major employers in the region include SpaceX, Boeing, L3Harris, Northrop Grumman, and Port Canaveral, one of the busiest cruise ports in the world and a significant economic driver for the area.
The project is one of four Astor-branded properties nationally, with additional communities currently under development including Astor Park in Fort Lauderdale (252 units), The Astoria in Salt Lake City (149 units), and Astor Sound in Lake Worth (230 units).