Sweetwater developer gets loan for student housing

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.

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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

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Sweetwater developer gets loan for student housing

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

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