Fuse Lands $84M Construction Loan for Resi Project in Fort Lauderdale
By Julia Echikson June 3, 2024 5:57 pm
reprints
Fuse Group and Boca Paila scored $84.4 million in financing to build a $153 million residential development in Fort Lauderdale, the lender announced.
The construction financing from Centennial Bank will go toward The Arcadian, which will feature 478 units, 15,000 square feet of ground-floor retail and a 212,000-square-foot parking garage with 600 spots.
Forty-eight of the apartments will count as affordable housing and be priced within the budgets of families earning 100 percent of Broward County’s median family income, according to the Fuse Group and Northwest-Progresso-Flagler Heights Community Redevelopment Area (NPF CRA), which pegged The Arcadian’s full cost at $153.4 million. But a representative for Centennial Bank told Commercial Observer all units would count as affordable housing.
Located at 640 NW Seventh Avenue, the two-building project will face Avenue of Arts, about a mile west of the Flagler Village neighborhood. Fuse, a Fort Lauderdale-based developer, assembled the 4-acre site on a full city block between 2018 and 2024, paying $10.4 million in total, property records show.
Besides the loan from Centennial Bank, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency Board of Commissioners, provided a $10 million loan last year, of which $8 million is forgivable, per the NPF CRA.
Construction has been underway since October. The Arcadian is expected to be completed in the next 20 months.
Julia Echikson can be reached at jechikson@commercialobserver.com.
