Sweetwater developer gets loan for student housing
Jun 06, 2014 June 06, 2014
The creator of a student housing structure near Florida International University acquired a construction mortgage from a group of lenders for $35.4 million.
The developer, Sweetwater Properties I of Boca Raton, received the financing for the property. According to Miami-Dade County records, the transaction closed April 17th and was recorded on April 18th, and the loan matures in April 2018.
The property, Plaza Suites II, is located at 10899 Southwest Fourth Street in Sweetwater. Plaza Suites II is an eight story, 72,310 square-foot condo building, and has been placed northeast of FIU’s main campus.
A group of lenders, managed by St. Louis-based BMO Harris Bank, gave Sweetwater Properties the mortgage funding. The bank is managed by Ricardo Vadia.
Vadia’s company has developers working on a 15 story student housing facility called the 109 Tower, located at the crossing of Southwest Seventh Terrace and 109th Avenue.
Photo credit: Florida International University - Wikipedia.org