Miami developers close on $22 million loan for medical office building

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Miami-based commercial real estate owners and developers AJP Ventures and Mas Group and equity partner OCTA have closed with Live Oak Bank, a direct bank headquartered in Wilmington, North Carolina, on a $22 million construction loan a medical office building and independent senior living facility in Miami’s Westchester submarket.

South Florida Business Journal reports that MedSquare Place will be the first Class “A” medical office building to be built in Westchester, along with The Contemporary senior living facility,

“It was a true pleasure bringing together and working with MAS*AJP and Live Oak Bank, in securing the construction loan as I have enjoyed long standing relationships with each firm,” Bruce Gibson, Principal of Senior Capital Advisors, who arranged the financing with Live Oak Bank, was quoted as saying: “The pandemic necessitated a few minor improvements to the project and the entire team rose to the challenge, working in concert to achieve a living community designed to be both safe in design and operationally functional to serve the needs of future residents.”

Modis Architects designed the project on a 5.8 acre site previously occupied by an AT&T corporate office at 9101 S.W. 24th St. The groundbreaking is scheduled for October.

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