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.
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.
Repeat Borrower. 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.
Partial Completion. 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.
Mixed-Use Asset. Structuring the loan required BridgeInvest to underwrite the project’s various components including office, retail, and assisted living spaces.
BridgeInvest is a balance sheet lender focused on providing short-term, senior-position commercial real estate bridge loans targeting opportunistic and value-add transactions in the Southeast and Central U.S. BridgeInvest has financed well over $1.0 B of properties and specializes in deals with limited or no cash flow, customized terms and short execution windows.