The financing covers a portion of the land and development costs, which total approximately $10.5 million, according to Jeffrey Chiger, senior vice president in BankAtlantic's commercial lending division. Place Des Arts Holdings LLC purchased the vacant land for about $3 million in January.

The project, to be located at 301 Hendricks Isle, consists of 10 units on five stories. The development is small, but the units are large, planned for an average size of about 3,650 sf, Chiger says. The developer plans to start this month, and completion is scheduled for a year from now.

The developer also plans to build another fairly small condo development within a mile of the current project, and financing for that is expected to close in three to four months, Chiger says. This one would have 16 units and would involve tearing down an existing apartment building.