TD Bank Lends $40M on Keiser University Fort Lauderdale Acquisitions
Everglades College, the parent company of South Florida’s Keiser University, has nabbed $40.7 million of acquisition financing to purchase two properties in Fort Lauderdale, Commercial Observer has learned.
TD Bank provided the loan toward Everglades’ $57.8 million purchase of 1900 West Commercial Boulevard and nearby 1500 NW 49th Street. Keiser University had previously leased space at both sites for academic campuses.
BayBridge Real Estate Capital’s Jay Miller, AJ Felberbaum and Spencer Miller arranged the financing package. Paul Tanner of Las Olas Capital served as the financial adviser to Everglades College.
The 1900 West Commercial Boulevard property includes a 111,542-square-foot office building built in 1984 where Keiser University is the largest tenant. The 1500 NW 49th Street asset features a 114,001-square-foot office building that was completed in 1985 and is fully occupied by Keiser.
Keiser University is a private, independent, nonprofit university with its main campus in Fort Lauderdale and residential housing in West Palm Beach. The institution was previously a for-profit school before switching to a not-for-profit model in 2011 when it was sold to Everglades College, which also operates Everglades University in Boca Raton.
“We are pleased to share that this transaction is a significant step in a long-term strategic plan which began in 2011 when Keiser University was acquired by Everglades College, Inc.,” James Waldman, general counsel for Everglades College, said in a statement. “It has always been a goal for the university to own its own properties, and doing so provides significant advantages for our students and the communities we have served for the past 45 years.”
Officials for TD Bank and BayBridge declined to comment.
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