A joint venture between Adam America Real Estate and JW Capital Management, along with their equity partner, ARBS Real Estate USA Holdings, have secured $147 million in construction financing for the development of a 932-unit, 1,201-bed student housing development near Florida International University (FIU) in Sweetwater, Fla. The project is slated to deliver in the fall of 2024.
MSD Partners and a US-based life insurance company provided the loan. Meridian Capital Group arranged the financing on behalf of the sponsor. Adam America Real Estate Co-Founder Dvir Cohen Hoshen said in prepared remarks that this is the company’s largest student housing project to date.
Designed by Niles Bolton Associates, the 22-story development will offer a mix of studios and one- to three-bedroom units, with shared common area and a private room for each student. Community amenities include 15,442 square feet of street retail, study and conference rooms, library and lounge areas, a gym and a pool. A total of 647 parking spaces will also be available.
Located at 10726 SW Seventh St., the property will be across the street from the east entrance of FIU and 9 miles northwest of the University of Miami. Several shopping, dining and entertainment options will be available within a 1-mile radius, while downtown Miami will be 14 miles east of the community.