MIAMI, FL - Toll Brothers, the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living division, and CanAm Capital Partners, the private-equity affiliate of CanAm Enterprises, and a leading provider of project-level structured debt and equity solutions, announced the formation of a new joint venture to develop Lapis, a 1,086-bed, 293-unit, luxury student housing community at Florida International University (FIU) in Miami, Florida. The joint venture has secured a $103 million construction loan facility from Ocean Bank. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. The venture was advised by Ackman Ziff Real Estate Group.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of today’s students, creating innovative solutions for residents in which to live, thrive, and connect. Toll Brothers Campus Living will manage the development, construction, marketing, and asset management of Lapis.
FIU is the fastest growing university in Florida, having seen its enrollment jump nearly 27% over the last decade. According to US News & World Report, FIU is now the nation’s 4th largest university by enrollment with a total of over 58,000 students. The Report also lists dozens of FIU programs among the best in the nation, including International Business at No. 2. Washington Monthly magazine ranks FIU among the top 20 public universities contributing to the public good.
Lapis is located directly north of, and across from FIU’s main campus, the 342-acre Modesto Maidique Campus, at 110th Avenue and SW 7th Terrace. The 21-story development will consist of 1,086 beds across 293 market-rate studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments. The community will offer luxury amenities, walkability to campus, individual leases, roommate matching, multiple study lounges, high-speed internet throughout the community, a resort-style pool, state-of-the-art fitness center, bike storage, club room, outdoor kitchens, business center and a secured garage. Fully furnished apartment homes will include smart electronic-controlled access, stainless steel appliances, high-speed internet, smart televisions and more.
Charles Elliott, President of Toll Brothers Apartment Living, said, “We are excited to develop our first multifamily project in Florida. Lapis will be a great addition to the FIU community, providing students the same quality and service we’re known for throughout the country.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said, “Lapis is our fourth major student housing community across the U.S. We are very much looking forward to partnering with CanAm, which possesses a strong track record in the Florida market. Ocean Bank, which also enjoys an impressive track record as well as a history of leadership involvement at FIU and in the South Florida community, is the ideal lender for this exciting project.”
John Reid, Director of Project Development at CACP said, “Lapis is a strategic project that will serve the growing demand for student housing in the FIU market. This closing marks our eighth investment in Florida projects over the last year. At CACP, we pride ourselves on partnering with best-in-class developers, and we couldn’t be more thrilled to be paired with Toll Brothers in this development.”
Jose E. Lopez, Senior Vice President and Regional Manager of Ocean Bank, said, “Ocean Bank has a long and strong relationship with FIU, including sponsorship of the Ocean Bank Convocation Center on campus. We are very familiar with the need for additional housing for students and are pleased to provide construction financing for Lapis.”