The developer of a student housing building near Florida International University obtained a $35.4 million construction mortgage from a group of lenders, The Real Deal has learned.
Sweetwater Properties I of Boca Raton received the financing for the eight-story Plaza Suites II at 10899 Southwest Fourth Street on Sweetwater, according to Miami-Dade County records. The transaction closed on Thursday and was recorded on Friday. The loan matures in April 2018.
A group of lenders managed by BMO Harris Bank of St. Louis gave Sweetwater Properties the mortgage. The borrowing company is managed by Ricardo Vadia.
The 72,310-square-foot Plaza Suites property is northeast of FIU’s main campus. Vadia’s company is also developing a 15-story student housing facility called the 109 Tower at Southwest Seventh Terrace and 109th Avenue. — Eric Kalis