Square Mile Capital Management, LLC, has closed a $93-million construction loan for Theory Gainesville, an 861-bed student housing building near the University of Florida in Gainesville, FL.

Square Mile Capital served as the mezzanine lender, with Pacific Western Bank as the senior mortgage lender. The loan was made to Blue Vista Capital Management.

“We remain bullish on the long-term demand prospects for well-located student housing properties at top universities, and we believe the Gainesville student housing market will continue to grow over the coming years,” said Square Mile Capital principal Harris Neuberg.

“The dynamics of the larger schools in Florida, such as UF, are very strong for the foreseeable future,” added Tom Whitesell, Pacific Western Bank EVP and group head of commercial real estate. “This creates an ideal environment for private sector purpose-built student housing,”

Delivery is expected in two phases, before the fall 2023 semester and before the spring 2024 semester.