Florida International University to Receive $250 Million of Bond Proceeds for Student Housing

By Patrick Sheridan

The Miami-Dade County Industrial Development Authority plans to sell about $250 million of bonds to help pay for a new student housing development for Florida International University.

The $236.6 million of Senior Series 2026A-1 tax-exempt Student Housing Revenue term bonds have maturities ranging from 2040 to 2065, according to a document posted Friday on MuniOS. The authority also plans to sell approximately $1.6 million of Senior Series 2026A-2 taxable Student Housing Revenue term bonds maturing in 2033, and $11.5 million of Subordinate Series 2026B tax-exempt Student Housing Revenue term bonds maturing in 2065.

Interest on the bonds is payable staring on July 1, and again on Jan. 1.

Proceeds will be loaned to PRG - Casa Properties LLC, a Florida limited liability company, with funds being used to finance the cost of acquiring the project site, which is approximately 4.75 acres in the City of Sweetwater. Proceeds will also be used to cover costs of the design, development, construction and equipping of an 820-bed student housing facility on the property.

FIU started offering classes in 1972, and now has bachelor's, master's and doctoral degree programs, both on campus and online, according to its website. The university has a student body of more than 54,000, and is among the largest schools in the nation. It has graduated more than 330,000 people, including 165,000 of whom who live and work in South Florida, according to the website.

The Senior Series 2026A-1 and Senior Series 2026A-2 are rated BB+ by S&P Global Ratings. The Subordinate Series 2026 B bonds are not rated, according to the roadshow document.

KeyBanc Capital Markets is the underwriter of the offering.

Write to Patrick Sheridan at [e-mail]

(END) Dow Jones Newswires

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