Fishman Haygood Client Provident Resources Group Secures $241.2M in Tax-Exempt Financing for New Florida International University Student Housing

Fishman Haygood client Provident Resources Group subsidiary PRG – Casa Properties LLC served as borrower in the issuance of $241.2 million in tax-exempt bonds to finance a major new student housing development serving Florida International University (FIU).

The bonds were issued through the Miami-Dade County Industrial Development Authority, with Wilmington Trust serving as trustee. J.P. Morgan and KeyBanc Capital Markets served as underwriters, and the financing structure also includes a $10 million subordinate mortgage provided by the City of Sweetwater.

The project will be developed on a 1.33-acre site located at 10742 S.W. Fifth Street near FIU’s main campus. The planned 20-story building will include 205 residential units with approximately 820 beds for students and faculty. As part of the transaction, Provident executed a student housing agreement with the Florida International University Board of Trustees committing the project to serve the university community.

The development will add to the growing pipeline of student housing in the FIU area and help address increasing demand as the university continues to expand.

Provident Resources Group is a Baton Rouge-based national nonprofit organization committed to making a positive impact in communities across the country through the development, ownership, and operation of state-of-the-art educational, healthcare, senior living, and multi-family housing facilities and services.

Fishman Haygood served as legal counsel to Provident and its subsidiary, PRG – Casa Properties LLC. Partner Louis Quinn, Jr. and Associate Marina Speligene led the transaction. The project reflects Fishman Haygood’s ongoing work with clients and co-counsel across the country and the firm’s ability to support complex real estate and public finance transactions in communities nationwide.

Fishman Haygood attorneys have extensive experience in real estate development (housing, office, retail, mixed-use, and industrial); real estate finance; affordable housing, student housing, multi-family housing, and condominiums; commercial leasing (landlord and tenant); business and commercial transactions; partnership syndications; public-private partnerships; and public finance transactions. Learn more about the firm’s Real Estate group here.