Chicago-based CA Ventures got a $55.04M loan from TD Bank to finance construction of The Residence at University City.
A 187-unit apartment building that will cater to college students is under construction near Florida International University.
TD Bank made a $55.04 million loan to finance construction of the rental property at 400 Southwest 107 Avenue in Sweetwater.
The borrower is an affiliate of CA Ventures of Chicago, led by CEO Tom Scott, and the development is called The Residence at University City.
CA Ventures bought the development site in December 2017 for $4 million.
General contractor G.T. Construction and Development notified Miami-Dade County that construction of the 187-unit apartment property has started.
Continental National Bank, which had owned an office building on the development site, will occupy ground-floor retail space at The Residence at University City.
Another student housing development near Florida International University is under way at 740 Southwest 109 Avenue. The developer of the 20-story, 492-unit University Bridge Residences has converted the project from a condominium to a rental apartment building. [South Florida Business Journal] – Mike Seemuth