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BAP Development Gets $56M Construction Loan

WEST PALM BEACH, FL-The financing is for the development of 610 Clematis, a 246-unit, eight-story, luxury condominium project here. The project is set to be finished in April 2005.

By Melissa Bogdany | Updated on January 09, 2004

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.

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