Aventura MOB Under Construction Hit With Foreclosure Suit

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A 142K SF medical office building under construction in Aventura is the subject of a foreclosure lawsuit while its developer looks to sell it for $90M.

An affiliate of Rok Lending filed suit against Gomez Development Group alleging that the Miami-based developer has defaulted on a $15M loan for the property at 21291 NE 28th Ave., where Gomez is building a speculative medical office building.

The suit from Aventura-based Rok alleges that Gomez Development entered into the mortgage in May but stopped making monthly payments on the debt in July. Rok is seeking a $16M judgment to recover the loan’s principal, interest and fees, and asked the court to also allow the firm to recover attorneys’ fees.

Rok is suing Aventura Eco-Offices Property Owner LLC, an affiliate of Gomez Development, and the firm’s managing partner, Marlon Gomez, who personally guaranteed the debt, the lender claims. The suit was compiled by property intelligence platform Vizzda.

Gomez is negotiating with a new lender to refinance the debt and maintain control of the property, he wrote in an email.

“While our project faced hurdles securing construction financing these last few months due to challenges many lenders are facing with their current portfolios, we’ve found a new private lender to work on refinancing our current loan and enabling us to utilize CPace as an alternative financing to fully capitalize and complete our project,” Gomez told Bisnow. 

Gomez paid $19M for the 1.6-acre site in October 2021, property records indicate. His firm secured a $45M loan from Los Angeles-based Parkview Financial in 2021 to begin construction on the planned seven-story medical office with a four-level parking garage adjacent to Aventura Hospital and Medical Center.

The project, designed by Miami-based Caymares Martin, was originally slated to deliver by the end of 2022 but remains under construction. The Parkview loan was fully paid off last year with a final closing balance of around $10M, Karina Parada, the firm’s marketing director, told Bisnow.

Gomez said the Rok funding helped pay down the Parkview loan and also covered costs on pre-development and site utilities, infrastructure and foundation work, which is now completed. Vertical construction has commenced and the firm is aiming to deliver the building before the end of the year, Gomez said.

The unfinished project is being listed for sale by Fortune International Realty broker Cesar Sanchez. The building will seek LEED Gold Certification and will include around 100K SF of rentable medical office space and a 5K SF ground-floor retail space, according to a marketing brochure for the property.

“We are confident in our project’s value, with our land’s value doubling that of our current loan and we are communicating openly with our current lender regardless of any claims being made,” Gomez said. 

 

Source:  Bisnow

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Broward Health Buys Coral Springs Office Building

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Broward Health purchased a Coral Springs office building for $11 million as the public health system continues an active year in real estate acquisitions.

Eden Sample LLC, managed by Gideon Harari in Miami, sold the 40,926-square-foot office at 9600 W. Sample Road to Broward Health, also known as the North Broward Hospital District. The price equated to $269 per square foot.

The property last traded for $5.8 million in 2018.

The five-story building was constructed on the 1.34-acre site in 1974. It’s located just north of Broward Health Coral Springs.

Broward Health spokesperson Nina Levine said it would use the building for medical office space. Broward Health already has its pediatric diabetes center in the building, and there are third-party medical tenants there as well.

 

Source:  SFBJ

 

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HCA Florida Palms West Hospital To Build $80M Patient Tower In Loxahatchee

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HCA Florida Palms West Hospital in Loxahatchee, part of Nashville, Tennessee-based HCA Healthcare is planning an $80 million patient tower on its campus in Loxahatchee.

The new tower will include a new registration and admitting area, 36-bed postsurgical unit, classrooms, gift shop, coffee shop, an expanded food service area and cafeteria, enhanced materials management area, and additional parking lot.

The project is expected to break ground this fall and be completed in 2027.

 

Source: healthcare design

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Ken Griffin Donates $50M To Complete UM Cancer In Downtown Miami

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Ken Griffin, founder and CEO of hedge fund Citadel, has donated $50 million to the University of Miami to complete construction for a cancer research building on the school’s medical campus in Downtown Miami.

In 2022, the University of Miami Miller School of Medicine broke ground on a 244,000-square-foot facility at 1425 NW 10th Avenue, just north of Interstate 395. The 12-story building, which is scheduled to be completed in 2025, will double the school’s cancer research department.

The gift made to UM’s Sylvester Comprehensive Cancer Center includes naming rights to the HOK-designed facility, which will now be known as the Kenneth C. Griffin Cancer Research Building.

Griffin, who’s worth an estimated $39 billion, relocated sister companies, hedge fund Citadel and market maker Citadel Securities, to Miami from Chicago two years ago.

The gift comes less than two weeks after billionaire widow Julia Kochdonated $75 million to build a new NYU Langone Health medical complex in Downtown West Palm Beach. The eight-story facility, to be called Julia Koch Family Ambulatory Care Center, will feature 77,000 square feet of clinical space.

 

Source: Commercial Observer

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Broward Health Wants Parkland Land That Was Purchased By The Broward School District For A New School

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A plot of land once envisioned as the site of a Parkland elementary school could become the future site of a Broward Health medical complex.

The hospital system, operated by the taxpayer-funded North Broward Hospital District, is seeking to acquire from the Broward School District a 10-acre parcel at the southwest corner of University Drive and Trails End Drive in Parkland.

The School Board bought the land for $5.85 million in 2005 with plans to build a new elementary school. The city of Parkland contributed $850,000 toward that purchase. But the project was one of many that got shelved during the recession a few years later.

Parkland is one of the few areas of the county where schools remain crowded and there’s a demand for more facilities. But the state won’t allow the district to build any new schools because it already has 54,100 empty seats elsewhere in the county where students could attend.

Broward Health already acquired a 7-acre site directly adjacent to the land, paying $14.5 million in 2020, according to the Broward Property Appraiser’s website. That land and the school district’s property both remain vacant.

The hospital system would like to create a complex with a specialty care physician practice clinic within the next three to five years, David Clark, senior vice president of operations of the hospital district, told the South Florida Sun Sentinel.

The facilities would likely include an educational component where Broward high school students in health science programs could get training. He said there may also be retail spaces available for lease to local businesses as well as community and green space.

Broward Health has a hospital about five miles south in Coral Springs.

He said the hospital district’s acquisition of the 7-acre site was part of the hospital’s growth plan. The hospital could build on that site even if it doesn’t acquire the school district land.

“I think each piece of property is developable,” he said. “But when you look at the overall highest and best use of the property and the community benefit to the property, [the school district property] allows us to have a conversation of how we can maximize both properties. We think it’s a win for the community and the residents of Parkland.”

The proposal has some interest from some School Board members, who are looking for ways to help the district overcome a looming budget crisis. Other board members are more cautious, saying the district needs to ensure that it won’t have a use for the land in the future. The school district has not identified the land as surplus.

School Board Chairwoman Lori Alhadeff, who lives in Parkland and represents the affected area, said the district shouldn’t rush into disposing of the property. It may want it for a school in the future or to house a district program, she said. She also questioned why fellow School Board members were eager to build a new medical complex in Parkland.

“I’m sitting back in shock hearing that Parkland is in need of a medical center,” she said. “I live in Parkland. That conversation has never come up. You have Cleveland Clinic right now down the street. You have hospitals on U.S. 441 and in Coral Springs.”

She said the School Board should wait until Superintendent Peter Licata develops his plan to redefine the district. After the district closes and repurposes schools, there may be the opportunity to build schools in areas where there is a need, such as Parkland, she said.

Alhadeff added there may be other property the district would rather sell. And if the district decides to sell the property, it should be competitively bid, she said.

The school district also owns another undeveloped tract of land on the northeast corner of Nob Hill Road and Hillsboro Boulevard in Parkland.

Some Parkland city officials have also warned about moving too fast.

The School Board agreed Wednesday to hold off making any decision until at least June, while also directing Licata to develop a long-term plan for its facilities and land.

 

Source:  SunSentinel

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