A 1.33-acre development site located at 10742 Southwest 5th Street in Miami was acquired for a total sale price of $22,500,000. The asset is strategically positioned near Florida International University and is intended for a student housing project comprising 205 units with a total of 820 beds.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $22,500,000
• Seller: Jason Talbot - WFHP LLC
• Buyer: Steve Hicks - Provident Resources Group
• Lender: City of Sweetwater, J.P. Morgan & KeyBanc Capital Markets
• Financing Secured: $251.2 million, including a tax-exempt student housing bond and $10 million subordinate mortgage
• Housing Agreement: Supported by FIU’s Board of Trustees

The transaction was facilitated by Jason Talbot representing WFHP LLC as the seller, and Steve Hicks representing Provident Resources Group as the buyer. This deal highlights the collaboration between the development group and the financial institutions involved in structuring the financing for the student housing project.