Louisiana developer lands $250M debt to build student housing at FIU
Provident Resources Group is taking over a student housing development site near Florida International University that was tied up in litigation between the previous owner and a partner. An affiliate of Baton Rouge, Louisiana-based Provident, led by CEO Christopher Hicks, paid $22.5 million for the 1.3-acre assemblage at 10710, 10742 and 10752 Southwest Fifth Street in Sweetwater, records and real estate database Vizzda show. The buyer secured a $241.2 million tax-exempt student housing bond from Wilmington Trust and a $10 million mortgage from the city of Sweetwater to finance a student housing apartment building. Provident paid $12 million above the […]This article originally appeared on The Real Deal. Click here to read the full story.
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