U.S. Development’s recent move underscores the burgeoning interest in South Florida’s real estate market, particularly in Pompano Beach. The Philadelphia-based developer has successfully secured an impressive $73.8 million in total construction financing for Salato Residences, a forthcoming 10-story, 40-unit luxury condominium building. Spearheaded by CEO John Farina, the construction funding includes a substantial $67.8 million loan from Maxim Capital Group, supplemented by an earlier $6 million loan from 2022. With sales for the project commencing last year and already achieving a 40 percent presale of units, prices begin at $2 million, spanning from 2,100 to 3,400 square feet. Each unit proudly features three bedrooms, three bathrooms, and one half-bathroom, along with six exclusive penthouses.
The Salato Residences, meticulously marketed by IMI Worldwide and sold by Douglas Elliman Development Marketing, are slated for completion in 2026. Prospective residents can anticipate an array of amenities encompassing 20,000 square feet of shared facilities. These include a swimming pool, a state-of-the-art fitness center, a luxurious spa, and an event space complete with a catering kitchen. Randall Stofft Architects, based in Delray Beach, designed the building’s striking architecture, while the interiors are the creative vision of Pompano Beach’s own Interiors by Steven G.
Growing Trend of High-End Development
U.S. Development has highlighted the growing allure of South Florida’s real estate market, specifically in Pompano Beach. The Philadelphia-based developer has secured $73.8 million in construction financing for Salato Residences, a planned 10-story, 40-unit luxury condo building. Led by CEO John Farina, the funding includes a significant $67.8 million loan from Maxim Capital Group, in addition to a $6 million loan from 2022. The project began sales last year and has already achieved a 40% presale, with unit prices starting at $2 million and ranging from 2,100 to 3,400 square feet. Each condo boasts three bedrooms, three bathrooms, and one half-bath, with six exclusive penthouses also available.
Salato Residences, expertly marketed by IMI Worldwide and sold by Douglas Elliman Development Marketing, are set for completion in 2026. Future residents will enjoy a range of amenities totaling 20,000 square feet, including a pool, top-notch fitness center, luxurious spa, and event space with a catering kitchen. The building’s striking design is by Delray Beach’s Randall Stofft Architects, with interiors created by Pompano Beach’s Interiors by Steven G.
