The Affordable Housing Preservation Corp. is leveraging nearly $200M of bond financing to purchase Florida International University student apartments in a deal that sets the school up to own the building down the line.
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The nonprofit paid developer Toll Brothers and its partners, Global City Development and RER Ventures, $168.5M for the 21-story Lapis building in Sweetwater, according to property records provided by Vizzda.
AHPC funded the acquisition with $193.8M in tax-exempt and taxable bond financing from the Public Finance Authority, according to a release.
The funding was issued across three bond series, and once the bonds are fully paid off, FIU can take ownership of the building at no cost. The deal includes a payment-in-lieu-of-taxes deal with the city of Sweetwater.
Lapis will serve as an FIU-affiliated off-campus housing option at 795 SW 110th Ave. Toll Brothers and its partners finished the 293-unit building with about 1,086 beds in 2023.
Net cash flow from the property is planned to be dedicated to a scholarship fund to offer free housing to eligible FIU students.
Holland & Knight's Vivian de las Cuevas‑Diaz, Tomás Castellanos, Jorge Escobar and Aly Arencibia represented Global City Development and RER Ventures in the bond financing deal. UMB Bank NA served as the trustee, and J.P. Morgan Securities served as the underwriter.
FINANCING
Miami-based Terra landed a $183.7M refinancing loan from Monroe Capital for the offices at The Well Bay Harbor Islands, according to a release.
A Walker & Dunlop team of Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella represented Terra, led by David Martin.
Terra finished construction on The Well over the summer. The luxury boutique features 96K SF of office space and is 90% occupied by high-end tenants like Tom Brady’s family office. The eight-story building also offers 65 residential units and more than 22K SF of amenities.
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Related Urban Group closed on a $129M loan to finance the construction of Gallery Lummus Parc, according to a release.
Greystone serves as the construction lender and tax credit investor and will facilitate the transition to long-term Freddie Mac financing after construction.
The package is made up of a $60M first mortgage, about $27M through the low-income housing tax credit program, a $12M state apartment incentive loan from Florida Housing, a $5M documentary surtax loan from Miami-Dade County, a $3M American Rescue Plan Act loan from the city of Miami, and about $6M in opportunity zone investment from an affiliate of Related Group.
The 27-story tower is set to rise at a Miami-Dade County-owned site at 101 NW North River Drive. More than 83% of its 257 units will be income-restricted: 167 for households earning between 20% and 80% of the area median income and 47 workforce housing units. The remaining units are market-rate.
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STRE Management and Lloyd James secured a $50.8M loan to refinance the 194-unit The Vibe in Little Havana, according to a release.
A JLL Capital Markets team of Jesse Wright, Joshua Odessky and Luke Maganas handled the financing.
The five-year, fixed-rate CMBS loan refinances the two eight-story buildings that were finished in 2021. At 700 SW First St., The Vibe encompasses 159K SF of residential and nearly 8K SF of fully leased commercial space. Amenities include a yoga room, coworking lounge, dog park and pet wash.
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Pearlmark Real Estate, led by Stephen Quazzo, provided an $81M construction loan for a 160-unit multifamily project in Coral Gables, according to a release.
Empira Group is set to develop The Aurelian at 114 Calabria Ave. The 12-story project will include a 6K SF park, a pool, gym, yoga studio, coworking area, lounge and pet grooming suite.
SALES
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First Washington Realty sold an 82K SF shopping center in Miami to Publix Super Markets for $23M, according to property records provided by Vizzda.
The shopping center, built in 2005, is west of Southland Mall in Cutler Bay.
The Shoppes at Quail Roost at 20201 SW 127th Ave. marks the second deal between First Washington and Publix in the last month. Publix paid First Washington $83.2M for a shopping center near the Miami International Airport at the end of September and has aggressively expanded its real estate holdings across the region.
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An entity managed by Maria Cunningham sold an 84K SF industrial warehouse in West Palm Beach for $27.5M, according to property records provided by Vizzda.
The buyer, an affiliate of Meso Scale Diagnostics, acquired it with a $28M loan from Wells Fargo.
The 84K SF, 16-unit warehouse was built in 2025 at 1114 N. Congress Ave. on nearly 5 acres.
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An affiliate of Invesco sold a 142K SF shopping center in Boca Raton to an entity tracing to Urban Edge Properties for $90.3M, according to property records provided by Vizzda.
Publicly traded REIT Urban Edge bought the three-building Regency Court at 3003 to 3013 W. Yamato Road, which was built in the early 1990s. Tenants include Publix, Walgreens, Toojay's, Dunkin', Chase and Vinny's Cafe.
THIS AND THAT
Michael Comras landed final approval from the city of Miami Beach in a unanimous vote for the 150K SF NoLi District he is planning on Lincoln Road, according to a release.
Construction is already underway for the project at 723 Lincoln Road, which is turning North Lincoln Lane into a pedestrian promenade. Comras acquired five properties along Lincoln Road and North Lincoln Lane in November last year to redevelop it into 1,700 linear feet of retail, dining, wellness and lifestyle concepts.
PEOPLE
Carlos Boozer, former NBA player and two-time All-Star, was named chief growth officer of Boca Raton-based Impeccable, according to a release.
Impeccable is an investment firm that claims more than 25 active projects and about 2M SF developed or in the process of being developed. The firm is primarily active in ground-up retail, restaurants and mixed-use, with tenants including Wawa, Chase, Food Lion, Aspen Dental and Panda Express.
Boozer, also an Olympic gold medalist and an NCAA champion at Duke University, moved into the full-time role after previously serving as a co-founder, investor, board member and member of the real estate committee.
He is still listed on ESPN's media website as an analyst for ACC Network during college basketball season.
Boozer will be tasked with attracting investors and partners, identifying acquisition and development opportunities, evaluating new business lines, increasing company visibility and building relationships with tenants, franchise brands and investors.
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