Commercial Observer
Rieber Lands $36M Construction Loan on Florida Medical Office and Hotel Project
BridgeInvest, a lender based in Miami, has originated $36 million of construction financing to fund the development of a mixed-use commercial building in Aventura, Fla., the company behind the project announced today.
The property, dubbed Ivory 214 by its builder, Rieber Developments, will add nearly 40,000 square feet of medical office space and 11,000 square feet of retail in the Atlantic coast city, about halfway between Miami and Fort Lauderdale. It will also include a 100room hotel operated under Hilton‘s Tapestry Collection brand.
“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” Bernardo Rieber, a principal at Rieber Developments, said in a statement. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”
The ten-story medical building, which broke ground just over a year ago, is subdivided into office condominiums that Rieber is selling to health-care providers. Though the property won’t be open for business until early 2020, 30 out of 34 office condos have already been sold, the company said.
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Meanwhile, the Tapestry hotel will cater towards extended-stay customers, with each room featuring a small kitchen. There will also be a pool, a fitness center, meeting space and a rooftop terrace, with the property operated by Driftwood Hospitality Management.
The development, at 2820 Northeast 214th Street, will stand a few blocks from Aventura Hospital & Medical Center, a for-profit hospital run by HCA Healthcare. Rieber is also working on a neighboring project, 1212 Aventura, which will likewise include office and retail components but will feature a senior-living complex instead of a hotel.
The South Florida city of just under 40,000 residents is notable to commercial real estate cognoscenti as the home of the Aventura Mall, America’s third-largest shopping center. Last year, Aventura Mall, which is co-owned by Turnberry Associates and Simon Property Group, pulled in one of the biggest retail debt deals in the country, a $1.75 billion single-asset CMBS loan from J.P. Morgan Chase, Deutsche Bank, Morgan Stanley and Wells Fargo.
BridgeInvest representatives did not immediately respond to inquiries.
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