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Place Des Arts Plans Fort Lauderdale Condo

FORT LAUDERDALE-The developer received nearly $8.4 million in financing from BankAtlantic for the five-story project on Hendricks Isle. The 10 units are planned to have an average size of 3,650 sf. The developer also is planning another development down the road.

By Melissa Bogdany | Updated on February 13, 2004

FORT LAUDERDALE-Place Des Arts Holdings LLC has obtained an approximately $8.4-million loan to be used toward the development of a condominium project on Hendricks Isle here. The lender was locally based BankAtlantic.

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.

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