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The project was financed primarily through a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit 501(c)(3) organization, serving as the borrower and owner of the project.
As co-developers, Boston Global Investors, Eagle Development Partners of Stoneham, MA, EDGE and The Cogsville Group of New York City form the general partnership of the project, each contributing what the partnership terms as “significant capital.”
Other new tenants at the property as of 2019 include Brian Communications, Instructure, PromptWorks , Health Federation of Philadelphia, Armor, DLC Solutions, Wick Capital Partners and others.
According to Berkadia's recently released Q2 2019 South Florida Multifamily Report, construction was completed on 8,522 units in the second quarter in South Florida, down from 12,562 additions posted in the second quarter of 2018.
Cushman & Wakefield Senior Housing Capital Markets, which acted as exclusive advisor to Homestead Senior Living, LLC, arranged the refinancing transaction with MidCap Financial, of Bethesda, MD, which provided the $57.3-million floating rate first mortgage loan.
Tower CRE states that the launch of the new division was prompted by closing $50 million in cannabis-related retail and industrial transactions in the last 18 months with an additional $15 million in the pipeline that are expected to close by the end of this year.