Tag Archive for: gomez development group

Rendering of Aventura MOB Under Construction 760x320

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

construction plans 760x320

After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property.

Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according to a press release. The property is adjacent to Aventura Hospital and Medical Center.

A Gomez affiliate paid $19 million for the 1.63-acre site in October, according to records. The seller was Aventura Medical Center LLC, managed by Miguel Carlos Cadet, which retained an investment stake in the proposed project.

Gomez plans to break ground next year on the new building, which will also have a four-level parking garage with 346 spaces, the press release states. The developer plans to finish construction by the fourth quarter of 2022.

In a statement, Parkview Financial founder and CEO Paul Rahimian said his company provided the loan because it was a compelling financing opportunity on behalf of an “experienced local borrower.”

South Florida’s medical office buildings are in hot demand. In October, Forte Capital Management paid $11 million for a Hollywood medical office building adjacent to Memorial Regional Hospital South. The same month, Irvine, California-based IRA Capital picked up a single-story outpatient center in Boca Raton for $16 million.

In September, a two-story office building traded in a $17.2 million deal involving two affiliates of Montecito Medical Real Estate. And Healthcare Trust of America bought the 1905 Medical Center in Boca Raton for $50 million.

 

Source:  The Real Deal

Gomez Development Group will build a medical office at 21291 N.E. 28th Ave. in Aventura

Gomez Development Group obtained a $45 million construction loan to build a medical office complex in Aventura, not far from Aventura Hospital and Medical Center.

Marlon Gomez, head of the Miami-based developer, said his Aventura Eco Offices Property Owner LLC obtained the loan from ParkView Financial in California. The LLC recently took ownership of the 1.63-acre site at 21291 N.E. 28th Ave. through an entity transfer with Aventura Medical Center.

The site was listed for sale in 2019. It’s within a federal opportunity zone, which allows investors to defer their federal capital gains tax.

Gomez plans to break ground in early 2022 with a seven-story, 263,371-square-foot medical office building and complete the project in the first quarter of 2023.

 

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