Financing Supports Acquisition of 293-Unit, 1,086-Bed Community in Sweetwater, Florida
SWEETWATER, Fla. – The Public Finance Authority (PFA) has issued $193.85 million in Series 2026 revenue bonds for AHPC LAPIS LLC to finance the acquisition of “Lapis,” a 293-unit rental housing community serving students, faculty, and staff of Florida International University (FIU). The financing closed on Oct. 8.
AHPC LAPIS LLC is a newly created single-asset entity whose sole member is the Affordable Housing Preservation Corporation, a Florida not-for-profit corporation. The borrower is governed by a five-person board of managers: three appointed by the City of Sweetwater, one appointed by FIU, and one appointed by the Affordable Housing Preservation Corporation. PFA loaned the bond proceeds to AHPC LAPIS LLC under a loan agreement.
Lapis is an approximately 380,321-square-foot facility located at 795 Southwest 110th Avenue in Sweetwater. It includes approximately 1,086 beds, parking, commercial space, and ancillary facilities. In addition to financing the acquisition, bond proceeds will fund debt service reserves and cover costs of issuance.
The financing keeps a large-scale housing community tied to FIU under the oversight of a board that includes the City of Sweetwater, the University, and a nonprofit housing organization, giving local stakeholders a direct role in how the property is managed.
“Housing for students, faculty, and staff is essential to a university community, and this financing keeps Lapis anchored locally under the direction of the City of Sweetwater, FIU, and a nonprofit partner. That kind of collaboration is exactly what PFA was created to support,” said Bill Kacvinsky, PFA board chair.
The closing marks the first financing for AHPC LAPIS LLC with PFA, and adds to the Affordable Housing Preservation Corporation’s previous work with PFA through other single-purpose entities.