Sterling finances $8.5M land buy for FIU student housing complex
Sterling Global Financial, an award-winning firm specializing in real estate finance, property development, and private banking and trust services, has announced that it has finalized a loan for a 1.72-acre parcel of land across from Florida International University (FIU) in northwest Miami-Dade for the construction of student housing and ground level retail. The high-rise development is designed to help meet the critical student housing shortage and will be built and managed by private companies.
The announcement came from David Kosoy, Chairman of Sterling Global Financial with offices in Nassau and Cayman Islands.
“FIU has grown from fewer than 6,000 students in 1972 when it opened on the grounds of an old airport in Miami to some 55,000 students today, making it the fourth largest university in the U.S.,” said Kosoy. “Even with non-stop construction, the university faces challenges keeping up with demand for classroom, lab and housing space. We hope that our participation in lending funds for this land purchase directly across from its main campus south of Sweetwater, Florida, will help pave the way to provide quality and affordable student housing.”
The State of Florida has started construction on an overhead bridge for safe crossing from the campus to the privately developed and managed housing complex. The Sweetwater, Florida land purchase is the latest in a series of carefully considered loans through Sterling’s Mortgage Income Fund. The fund has also participated in several projects in the U.K., land acquisition for a multi-use complex in an iconic section of historic Boston, and locally in The Bahamas, a number of developments including “Thirty Six”, a luxury condominium complex on Paradise Island. Sterling recently also revealed its purchase of Hurricane Hole Marina, with nearly 13 acres of development that will include condos, retail, dining, office space and a revitalized marina. That project is estimated to have a value of some $250 million, with construction contributing to hundreds of jobs over a five-year period.
Sterling, which has won numerous awards for performance, risk management and return on investment, has nearly US$10 billion under management and administration and some 1500 clients through its various funds and operating divisions, including Sterling Bank & Trust (Bahamas) Ltd., and Sterling Trust (Cayman) Ltd.