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Rieber Developments is building an assisted-living multi-use development in the Miami area after arranging $83.8 million in construction financing.
Miami-based BridgeInvest supplied a $63.5 million senior construction loan for Rieber’s 400,000-sq. ft. project in Aventura, called 1212 Aventura. The structure will feature 163 senior residences, 29,684 sq. ft. of retail and 25,796 sq. ft. of medical offices. An additional $20.3 million mezzanine loan was provided by an undisclosed international lender for the development, Commercial Observer (CO) has reported.
“We are thrilled to finance an innovative project that will not only transform Aventura’s landscape for generations to come but also caters to the local underserved senior-living market,” Alex Horn, BridgeInvest’s founder and managing partner, said in a statement.
The 1212 Adventura project, at 21290 Biscayne Boulevard, is located adjacent to Rieber’s 100-room Hilton-branded Serena Hotel Aventura. Colliers is also working on closing a $29 million refinance for the hotel which, along with 1212 Aventura, encompass the first two phases of Rieber’s planned master plan development that will incorporate multiple city blocks.
Jeffrey Donnelly of Colliers International‘s structured finance team said multiple lenders competed for the deal and credited Rieber’s creativity with designs for 1212 Aventura that gives it a “sexy Miami treatment” for an assisted-living development with floor-to-ceiling windows along with a resort-caliber pool and gardens.
“It’s very much a non-assisted living assisted-living project,” Donnelly said. “It has all the amenities in what is normally a very boring, very staid, very uninteresting asset class and I think that also helped with generating excitement with this financing opportunity.”
Construction is expected to be complete in early 2023