NEW YORK, NY - Adam America Real Estate, a privately held real estate development and investment company with over 32 renovation and development projects launched since 2009, and JW Capital Management, a privately held real estate investment firm, today announced that it has closed on a $147 million construction loan for a premier student housing development located near Florida International University at 10726 SW 7th Street in Sweetwater, Florida. Adam America, JW Capital Management and their equity partner ARBS Real Estate USA Holdings secured the construction loan from a major US-based life insurance company and MSD Partners, L.P. Morris Betesh and Jonathan Stern at Meridian Capital Group arranged the financing on behalf of the sponsor.
The 22-story development will consist of 932 student housing units with a total of 1,201 beds and 647 parking spaces along with 15,442 square feet of street retail. Designed by Niles Bolton Associates, the development will offer residents exceptional amenities including study and conference rooms; library/lounge areas; a state-of-the-art gym; outdoor swimming pool and running track; and various hangout areas to cater to the students in the area. The unit mix will provide residents with the option to live in their own private studio as well as more traditional one, two - or four-bedroom units which offer a shared common area and a private room with an ensuite bathroom for each student.
The development is slated to be completed by the third quarter of 2024 and is situated across the street from the east entrance of Florida International University (“FIU”), the second largest university in Florida with almost 60,000 enrolled students across bachelors, masters and doctoral degree programs. Adam America aims to create a “walk to school” environment and provide quality student housing options for students at FIU. The project is also located seven miles from the University of Miami, with more than 17,000 enrolled students.
“We are thrilled to have closed this construction loan and start construction work on the site following a two-year process in which we completed a land assemblage and carefully planned the development,” said Omri Sachs, co-founder of Adam America Real Estate.
“This development is our largest student housing project to date, and we see an incredible opportunity to provide quality student housing options in Sweetwater which boasts a strong and robust economy due to the presence of two renowned education institutions, FIU and University of Miami,” added Dvir Cohen Hoshen, also a co-founder of Adam America Real Estate.
“The COVID-19 pandemic has emphasized the value of in-person learning and the need for a residential college experience," said Samuel Jesselson, managing partner of JW Capital Management. "We continue to be bullish on the student housing sector and we look forward to delivering a premier student housing development adjacent to a leading public university.”
Adam America has grown to become a leader in the development of high-quality multifamily housing and student housing. The firm is currently completing construction on Olive & Wooster, a combined multi-family and student housing development located at 44 Olive Street in New Haven, Connecticut, just steps from Yale University. Olive & Wooster offers a collection of 299 residences including 41 collective living units designed for students and 8,000 square feet of retail space. The project is set to deliver in 2022.
"We are pleased to provide financing to Adam America and its partners in building this new student housing development near FIU," said Jason Kollander, the Co-Head of Real Estate Credit and a Managing Director of MSD Partners. “MSD has had a successful, long-term business relationship with Adam America having financed several of their projects and believe this new student housing development in Florida, where we have been very active, is well positioned to attract and cater to students attending FIU and the nearby University of Miami.”
About Adam America Real Estate: Adam America Real Estate (AARE) is a privately held real estate development and investment company. Founded by Dvir Cohen Hoshen and Omri Sachs in 2009, the company has grown to become a leader in the development of high-quality multifamily housing in the New York metropolitan area. In addition to New York, AARE is active in Florida and Connecticut. AARE identifies unique investment opportunities, raises funds from international and institutional investors, and manages all phases of development in-house. As a vertically integrated owner, developer and operator of residential real estate, AARE has actively developed over 2,100 residential units with an additional 1,300 units on the way totaling more than $1.5 billion of developed real estate assets. For more information, visit www.adamamericare.com
About JW Capital Management: Established in 2014, JW Capital Management is a real estate investment firm that is headquartered in New York City. The firm employs a situationally-opportunistic investment approach that has generated consistent returns irrespective of broader economic cycles. JW Capital Management engages in a broad range of real estate related activities including asset management and principal investing in debt and equity securities, real property and real estate operating companies. Throughout its history, the firm has had particular success in the student housing sector and continues to be active investors in that asset class. For additional information about the firm, visit www.jwcmllc.com
About MSD Partners: MSD Partners, L.P. is an SEC-registered investment adviser that utilizes a multi-disciplinary strategy focused on maximizing long-term capital appreciation by making investments across the globe in its core areas of expertise – Credit, Real Estate, Private Capital and Growth. MSD Partners was formed in 2009 by the partners of MSD Capital, L.P., which is the family investment office for Michael Dell, the Founder & CEO of Dell Technologies. MSD Capital was originally established in 1998. Michael Dell and his family are substantial clients of MSD Partners. MSD Partners operates from offices in New York, Santa Monica and West Palm Beach. For further information about MSD Partners, please see msdpartners.com