Holland & Knight Advises Global City Development on $193.85 Million Bond Financing for Acquisition of Lapis Student Housing Community Serving FIU
MIAMI (October 14, 2026) – Holland & Knight represented Global City Development and its joint venture partner, RER Ventures, in a $193.85 million tax-exempt and taxable bond financing for the $168.5 million acquisition of Lapis, a student housing community serving Florida International University (FIU) in Sweetwater, Florida. The transaction closed on October 8.
The property has maintained occupancy of more than 96 percent since opening in 2023. Spanning approximately 380,321 square feet, the community comprises 293 units with approximately 1,086 beds, as well as parking, commercial space and other amenities serving FIU students, faculty and staff.
The Public Finance Authority issued the bonds in three series: senior tax-exempt Series 2026A-1, senior taxable Series 2026A-2 and subordinate tax-exempt Series 2026B. The authority loaned the bond proceeds to AHPC LAPIS LLC, a single-purpose borrower whose sole member is The Affordable Housing Preservation Corporation, a Florida nonprofit corporation and 501(c)(3) organization.
In addition to financing the acquisition, the bond proceeds funded a debt service reserve fund, operations contingency fund and costs of issuance. The borrower acquired the property from 7th Terrace Property Owner LLC, a joint venture among Global City Development, RER Ventures and Toll Brothers. The transaction also included a payment-in-lieu-of-taxes agreement with the City of Sweetwater.
As part of the financing, the borrower entered into a Student Housing Agreement with FIU under which Lapis will serve as an FIU-affiliated off-campus housing option. Under the agreement, the university will market the property to its students, faculty and staff, and FIU students will receive first priority to lease units. A portion of the project's net cash flow will also fund housing scholarships providing free housing to eligible FIU residents. Upon full repayment of the bonds, FIU (or its designee) will have the right to own Lapis at no cost.
J.P. Morgan Securities LLC served as the underwriter, and UMB Bank National Association served as the trustee.
Holland & Knight Partners Vivian de las Cuevas‑Diaz, Tomás Castellanos and Jorge Escobar and Associate Aly Arencibia led the Firm's representation of Global City Development.