University Bridge Residences Sold to Non-Profit in $227.6 Million Deal
MIAMI (Sept. 27, 2018) – Holland & Knight represented Collegiate Suites Miami, LP, an entity controlled by developer Global City Development, in the sale of University Bridge Residences to University Bridge, LLC, run by the Atlantic Housing Foundation, Inc., a South Carolina nonprofit corporation that specializes in affordable housing. The transaction closed on September 25.
The deal was facilitated by a $227,640,000 bond financing for the purchase, construction and development of the residential facility. Located at 740 SW 109th Avenue, the 886-unit complex is designed to house students, faculty and staff of Florida International University.
The property will continue to be developed by University Bridge GP, LLC (an affiliate of Global City Development) in conjunction with the new owner and is expected to be complete in time for the 2020 academic year.
Holland & Knight Real Estate Partner Vivian de las Cuevas-Diaz and Senior Counsel Isabel C. Diaz acted as title agents in the transaction and represented the seller. Associate Alejandro Arias handled the land use and zoning approvals.
Holland & Knight also represented Global City Development in the original purchase of the property for $16.6 million in 2016. Global City Development is owned by Diego Procel and Brian Pearl.