Centennial Bank has provided a $84.4 million loan to facilitate the construction of a mixed-use, affordable housing development—The Arcadian—in Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of the joint venture between Fuse Group and Boca Paila LLC, is leading the project.  The Community Redevelopment Agency Board of Commissioners approved a $10 million incentive to Sunshine Shipyard. 48 units will be set aside for affordable housing for residents with incomes less or equal to 100% of the Broward County median family income.

The project is located at 640 NW 7th Avenue at the northeast corner of Sistrunk Blvd and Avenue of the Arts. The Arcadian has broken ground and is slated for completion in under 20 months. It offers more than 15,000 square feet of ground-floor retail. 

Comprising an eight-story tower housing 478 affordable residences, The Arcadian offers a private balcony as well as amenities that include swimming pools and a fitness center. 

Centennial Banks’s Giselle Bayona and Shane Sweet secured the loan.

The post JV Secures $84M Construction Loan for Ft. Lauderdale Apartments appeared first on Connect CRE.