Adam America Real Estate and JW Capital Management have closed on a $147-million construction loan for a student housing development located near Florida International University in Sweetwater.

Adam America, JW Capital Management and their equity partner ARBS Real Estate USA Holdings secured the construction loan from a US-based life insurance company and MSD Partners, L.P. Meridian Capital Group arranged the financing on behalf of the sponsor.

 The 22-story development will consist of 932 student housing units with a total of 1,201 beds and 647 parking spaces along with 15,442 square feet of street retail. The unit mix will offer private studios in addition to traditional one-, two – or four-bedroom units.

“The COVID-19 pandemic has emphasized the value of in-person learning and the need for a residential college experience,” said Samuel Jesselson, managing partner of JW Capital Management. “We continue to be bullish on the student housing sector.”

Photo: V1