Rieber Developments has landed an $83.8 million debt package to build an assisted-living mixed-use development in metropolitan Miami.
Miami-based BridgeInvest supplied a $63.5 million senior construction loan for Rieber’s 400,000-square-foot project called 1212 Aventura in Aventura. It will feature 163 luxury senior residences, 29,684 square feet of retail and 25,796 square feet of medical offices. An additional $20.3 million mezzanine loan was provided by an undisclosed international lender for the development.
“We are thrilled to finance an innovative project that will not only transform Aventura’s landscape for generations to come but also caters to the local underserved senior-living market,” Alex Horn, BridgeInvest’s founder and managing partner, said in a statement.
A Colliers International structured finance team led by Jeffrey Donnelly and Dmitry Levkov arranged the transaction.
The 1212 Aventura project, at 21290 Biscayne Boulevard, is located adjacent to Rieber’s 100-room Hilton-branded Serena Hotel Aventura. Colliers is also working on closing a $29 million refinance for the hotel which, along with 1212 Aventura, encompass the first two phases of Rieber’s planned master plan development that will incorporate multiple city blocks.
Donnelly said multiple lenders competed for the deal and credited Rieber’s creativity with designs for 1212 Aventura that gives it a “sexy Miami treatment” for an assisted-living development with floor-to-ceiling windows along with a resort-caliber pool and gardens.
“It’s very much a non-assisted living assisted-living project,” Donnelly said. “It has all the amenities in what is normally a very boring, very staid, very uninteresting asset class and I think that also helped with generating excitement with this financing opportunity.”
Construction for 1212 Aventura is slated for completion in early 2023. Pre-leasing and sales of the office and retail space are ongoing with limited inventory available, according to Bernardo Rieber, founder and CEO of Rieber Developments.
“With construction financing in place, we now have the resources to complete the construction of this state-of-art project designed by Arquitectonica and make our vision come true,” Rieber said in a statement.
Source: Commercial Observer