BridgeInvest Funds $15 MM Pre-Development Loan in Miami
1st Priority Mortgage Loan
BridgeInvest recently closed a $15 MM pre-development loan for a 2.5 acre mixed-use property in Aventura encompassing two connected buildings with 174 parking spaces. The first building will include 26,000 SF of ground-floor retail and office space. The second building will consist of 160 senior care rental units with over 17,000 SF of ground-floor retail. Loan proceeds will be used to refinance outstanding debt, fund reserves, and pay for construction costs to continue development of the parking platform. 1212 Aventura is situated at a prime location in Miami adjacent to the Aventura Hospital with easy access to Biscayne Blvd and the variety of nearby retailers.
Rieber Developments, the Sponsor, is a current BridgeInvest borrower nearing the completion of the adjacent mixed-use office and Tapestry by Hilton hotel project, Ivory 214.
With the Property being fully entitled, horizontal site work complete, and vertical construction in progress, the Loan was sized off of the costs to partially complete the project including foundations and parking podium.
Structuring the loan required BridgeInvest to underwrite the project’s various components including office, retail, and senior living spaces.