Toll Brothers, CanAm Capital Get $103M loan for luxury student apartments

Swanky housing complete with outdoor kitchens coming to Florida International

Miami /
Oct.October 25, 2021 03:51 PM

From left: Douglas C. Yearley, Jr., chairman and chief executive officer, Toll Brothers and Mark B. Rosenberg, president, FIU in front of a rendering of Lapis at 765 SW 110th Avenue (Toll Brothers, FIU)

Swanky student housing is coming to Florida International University after Toll Brothers and CanAm Capital snagged a $103 million construction loan.

The developers secured the loan from Ocean Bank on Monday to build Lapis, a 21-story luxury apartment building north of FIU at 765 SW 110th Avenue, according to a news release. It will have smart-electronic controlled access, a fitness center, business center, outdoor kitchens and a secured garage according to the release.

The loan marks a new stage for a years-long project to develop the 1.72 acre property as housing. Global City Development bought the site in January 2018 for $8 million before selling it to Toll Brothers last December for $19 million. It’s Toll Brothers’ first multifamily project in Florida, and its fourth in the nation according to the release.

It’s adjacent to the site of a doomed pedestrian bridge that connected to FIU’s main campus. The bridge collapsed in 2018, killing six people. Contractors Figg Bridge Engineers, Munilla Construction Management, Bolton Perez & Associates, Structural Technologies the Structural Group of South Florida were slapped with an $86,658 fine, according to the Miami Herald.

Housing straddles the vacant lot on its north and west sides, and U.S. Route 41 runs along its south.

The loan was the third of more than $100 million secured this year by Miami developers. PMG and Greybrook Realty Partners scored a $142.3 million construction loan in august for their planned mixed-use rental project in Wynwood.

Earlier this month, Kushner Companies got two loans totaling $127 million for an apartment development planned for Miami’s Edgewater neighborhood.


Related Articles

arrow_forward_ios
Melo Group buying entire block in Miami’s Arts & Entertainment District for $105M to build resi towers
Melo Group buying entire block in Miami’s Arts & Entertainment District for $105M to build resi towers
Melo Group buying entire block in Miami’s Arts & Entertainment District for $105M to build resi towers
Gomez Development scores $45M loan to build Aventura medical building
Gomez Development scores $45M loan to build Aventura medical building
Gomez Development scores $45M loan to build Aventura medical building
Aventura assisted living and medical offices project scores $84M construction loan
Aventura assisted living and medical offices project scores $84M construction loan
Aventura assisted living and medical offices project scores $84M construction loan
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Sergio Pino of Century Homebuilders Group and the church (Century Homebuilders, Facebook via St. James Evangelical Lutheran Church - MIAMI FL)
On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
Developer Thomas Conway and the Little River location (Google Maps, Qualcon)
Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
(Murano at Portofino)
Murano at Portofino closing tops weekly condo sales in Miami-Dade
Murano at Portofino closing tops weekly condo sales in Miami-Dade
Michael Huffington and the condo building (Getty, Eighty Seven Park)
Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...