Miami Developers Close On $22 Million Loan For Medical Office Building
Miami-based commercial real estate owners and developers AJP Ventures and Mas Group (MAS*AJP) and equity partner OCTA closed with Live Oak Bank, a direct bank headquartered in Wilmington, North Carolina, on a $22 million construction loan for MedSquare Place, the first Class “A” medical office building to be built in the Westchester submarket of Miami, and The Contemporary, an independent senior living facility.
The loan closing is a formidable accomplishment given the economic wake of COVID-19.
“It was a true pleasure bringing together and working with MAS*AJP and Live Oak Bank, in securing the construction loan as I have enjoyed long standing relationships with each firm,” said Bruce Gibson, Principal of Senior Capital Advisors, who arranged the financing with Live Oak Bank. “The pandemic necessitated a few minor improvements to the project and the entire team rose to the challenge, working in concert to achieve a living community designed to be both safe in design and operationally functional to serve the needs of future residents.”
MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. Offering a fresh perspective in medical office space solutions, MedSquare Place’s mix-used space includes medical offices adjacent to The Contemporary, an independent living facility for modern seniors, which will also serve as the first independent senior living facility in the Westchester community.
Located at 9101 S.W. 24th Street in Miami, MedSquare Place and The Contemporary will replace a former AT&T corporate office and will be conveniently located on 5.8 acres at the northeast corner of Southwest 92nd Avenue and Coral Way. Demolition of the former building has been underway since the start of the summer, and the groundbreaking is slated for October 2020.
The one story, ground floor of medical office space in MedSquare Place will consist of customizable areas with a variety of tailor-made options to choose from, while the space’s modern and professional design by Modis Architects makes for both a comfortable and luxurious experience for healthcare professionals.