Fuse Group and Boca Paila recently broke ground on a Fort Lauderdale mixed-use project after scoring a $84.4 million construction loan.
Centennial Bank provided the financing for The Arcadian, a planned $153 million complex of two eight-story buildings at 640 Northwest Seventh Avenue, according to a press release.
The development consists of 480 apartments, including roughly four dozen affordable housing units, 15,000 square feet of retail and a 212,000-square-foot parking garage.
Fort Lauderdale-based Fuse and Boca Paila, an entity managed by Mauricio Girault in Coral Gables, anticipate completing The Arcadian in 20 months, the release states. The City of Fort Lauderdale approved the project’s site plan in 2022.
Fuse, led by CEO Eyal Peretz and Chairman Shimon Elkabetz, assembled the 4.4-acre site near Fort Lauderdale’s Flagler Village between 2018 and 2019, records show. The firm paid a combined $9.8 million for a full city block and two adjacent vacant parcels.
Last year, the Fort Lauderdale City Commission acting as the city’s Community Redevelopment Agency, awarded a $10 million incentive to the joint venture for setting aside 48 units at The Arcadian for residents with incomes less or equal to 100 percent of Broward County’s median family income of $70,331.
The Arcadian will offer a mix of studio, one- and two-bedroom apartments with average asking rents between $2,016 and $2,592 a month, Fort Lauderdale city records show. Residents in the affordable housing units will pay around $1,700 to $2,100 a month.
The $10 million includes an $8 million forgivable loan. Fuse and Boca Paila also agreed to include a courtyard and set aside 2,500 square feet of commercial space for the CRA.
Earlier this month, another affordable housing project in Broward scored construction financing at a time South Florida’s multfiamily developments are bucking the nationwide financing slump.
Jacksonville-based developer Vestcor, in partnership with The Housing Authority of Pompano Beach, nabbed a $27.5 million loan package for Provident Place, a pair of three-story buildings with 100 apartments for low-income seniors.
In Miami-Dade County, Regions Bank provided a $71 million construction loan for a 420-unit apartment complex with 84 units reserved for workforce housing in Golden Glades. Resia, a firm based in the Three Lakes neighborhood of unincorporated Miami-Dade, is developing the planned complex of four five-story buildings.
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