The Real Deal
The doctor will see you soon: developer scores $36M loan for medical office condos
UPDATED, June 26, 1:05 p.m.: Rieber Developments closed on a $36 million construction loan for a mixed-use medical office condo and hotel project next to Aventura Hospital. The Aventura-based firm, led by Bernardo Rieber, secured the financing for Ivory 214 from Miami-based BridgeInvest. Rieber affiliate Shalev Development Group is building the 10-story medical and professional office building, which will include nearly 11,000 square feet of retail space, a 100-room Tapestry Collection by Hilton Hotel and 313 parking spaces.
Rendering of Ivory 214 and Bernardo Rieber
The project at 2820 Northeast 214th Street is under construction and is expected to be delivered in the first quarter of next year, according to a release. Cervera Real Estate is handling sales of the office condos, where four units remain unsold out of 34. Prices for the remaining units range from $402,600 for a 670-square-foot unit to about $3.4 million for a 6,257-square-foot office suite. Driftwood Hospitality Management will manage the hotel, with 100 extended-stay rooms with kitchenettes. The hotel will also have a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar and rooftop terrace. Rieber Developments also recently launched plans for 1212 Aventura at 21290 Biscayne Boulevard, which will have 30,000 square feet of retail space, 30,000 square feet of office condo space, 150 luxury senior living units and a parking garage. Cervera Real Estate was also tapped to handle sales of 1212 Aventura, where the office condo units start at $329,000. The developer plans to break ground on 1212 Aventura in December and complete the project in 2021. Aventura and surrounding neighborhoods are home to a number of medical and professional office properties, in addition to other medical-oriented real estate.