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 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 100-room hotel operated under Hilton‘s Tapestry Collection brand.

The loan refinances prior debt that was provided by the same lender in 2017 for Rieber’s acquisition of the land, according to Alex Horn, one of BridgeInvest’s founders.

“We’ve had the opportunity to work with the borrower for an extended period of time,” Horn said. “They’re very capable of building this project, so we liked the idea of financing the construction.”

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.

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.

“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 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.

Source: Commercial Observer

Aventura Medical Tower Topping-Off Ceremony Marks Milestone For Aventura’s Newest Medical Office Condo

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Faith Development and FIP Realty Services, LLC recently celebrated the topping off of Aventura Medical Tower, a medical condominium designed by doctors for doctors.
More than 250 physicians, staff, community members, volunteers and elected officials including Enid Weisman, Mayor of the City of Aventura, helped commemorate the event, marking the symbolic completion of the structural phase of the project. Many doctors and other interested buyers were also present, a demonstration of the extreme interest in the development of medical condominiums on medical campuses.
Those in attendance added their signatures to the concrete pour bucket, which was hoisted atop the structure for the ceremonial final concrete pour.
Aventura’s first medical office and condo project, located In the heart of theAventura Hospital Medical Campus at 2801 NE 213th Street in Aventura, Florida, totals twelve floors comprised of 7 parking levels with 472 spaces and 5 floors of office suites housing approximately 105,000 square feet. The project also features just over 5,000 square feet of premium ground floor retail/clinical service space.
The tower is being marketed to doctors and other healthcare providers – tenants that can enjoy and take full advantage of the building’s amenities including:
  • Private elevator for signature tenant
  • Private outdoor patios for some 8th floor Doctor’s suites
  • On site surgical center
  • Collegial medical environment
  • Tranquil outdoor waiting level
  • Peaceful employee break location
  • Energy efficient impact resistant glass
  • ADA compliant
  • Full service valet service
  • State-of-the-art energy efficient building
  • Parking provided in excess of local code requirements
  • 7 levels of covered parking with reserved spaces
The tower broke ground in June 2016 and is expected to be completed in November 2017.



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