BAP Development Gets $56M Construction Loan

WEST PALM BEACH-BAP Development Inc. has closed on a $56.3-million construction loan for 610 Clematis, a $55-million luxury condominium project being developed here. The lead lender was Bank Atlantic and Bill Corso, a senior vice president in Bank Atlantic’s commercial lending division, facilitated the transaction.

Construction on the eight-story, 246-unit 610 Clematis began in September and completion is set for April 2005. The Mediterranean-style project will include one-, two- and three-bedroom flats, two-story loft units, and one- and two-bedroom ground-floor walk-up units. Units start in the mid-$200,000s, and more than 90% of the project has been sold. Units will range from 738 sf to 2,035 sf.