U
.S. Development has secured $73.8 million in construction financing for its Salato Residences project in Pompano Beach, Florida. The developer, led by CEO John Farina, obtained a $67.8 million loan from Maxim Capital Group last week, building on the initial $6 million loan provided in 2022. This brings the total construction financing to $73.8 million.

    The planned 10-story, 40-unit building is now 40% presold, with prices starting at $2 million. Marketing and sales are being led by IMI Worldwide and Douglas Elliman Development Marketing, respectively. The project is expected to be completed in 2026 and will feature units ranging from 2,100 to 3,400 square feet, each with three bedrooms, three bathrooms, and one half-bathroom.

    Salato Residences will also have six penthouses and 20,000 square feet of amenities, including a pool, fitness center, spa facilities, and an event space. The project was designed by Randall Stofft Architects and features interior design by Interiors by Steven G. U.S. Development purchased the 1.3-acre site for $9.7 million in 2022.

    Pompano Beach has seen significant development activity in recent years, with Related Group and BH Development securing approval for a 24-story oceanfront condo-hotel project last month. The city is also home to other notable projects, including the planned Casamar condos by Related Group and a 21-story tower by Canadian developers Efstathios Tsatas and Nicolas Tsatas.