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

Swanky housing complete with outdoor kitchens coming to Florida International

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)
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.

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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.