Centennial Bank has provided an $84.4 million loan for the development of The Arcadian, a mixed-use affordable housing project in Fort Lauderdale. Led by Sunshine Shipyard LLC, a subsidiary of the joint venture between Fuse Group and Boca Paila LLC, this project has received approval from the Community Redevelopment Agency Board of Commissioners for a $10 million incentive. 48 units will be reserved for residents with incomes equal to or less than 100% of Broward County’s median family income.
Located at 640 NW 7th Avenue on Sistrunk Blvd and Avenue of the Arts, construction on The Arcadian is underway and expected to be completed within 20 months. This development will feature over 15,000 square feet of ground-floor retail space.
The eight-story tower at The Arcadian will offer private balconies and amenities such as swimming pools and a fitness center among its total offering of478 affordable residences.
Securing the loan were Giselle Bayona and Shane Sweet from Centennial Bank.
A joint venture consisting Fuse Groupand Boca Paila LLC has secured an $84M construction loan through Centennial Bankfor their upcoming mixed-use affordable housing development –TheArcadian–in Fort Lauderdale.The Community Redevelopment Agency Boardof Commissionershas also approvedan additional$10M incentiveforthe affiliated company,Sunshine ShipyardLLC.Theprojectwillsetaside48unitsfortaxpayerswithincomeequaltoorlessthan100%ofBrowardCounty’smedianfamilyincome,andislocatedat640NW7thAvenueonSistrunkBlvdandAvenueoftheArts.Constructionhasalreadybegun,andcompletionisinanticipationwithinthenext20months.Thisdevelopmentboastsover15Ksqft.ofgroundfloorretailspaceaswellaseightstoriesthatwillhouse478affordableresidencescompletewithprivatebalconies,pools,andfitnesscenter.TheconstructionloanwassecuredbyCentennialBank’sGiselleBayonaandShaneSweet.
