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South Florida

Faith Development lands $23M construction loan for new Aventura office condos

Rendering of the Aventura Medical Tower
Rendering of the Aventura Medical Tower

With construction well underway, Faith Development just scored a $22.9 million loan to help finance its upcoming office condo project, Aventura Medical Tower, aimed at healthcare providers.

The loan was issued by TotalBank and covers Faith’s 70,650-square-foot development site at 2801 Northeast 213st Street, which sits only a few blocks from Aventura Hospital.

Details about the loan were not immediately available, though county records show this is the second piece of financing taken out on the land. The first was a $9 million balloon mortgage from Edward Faith in June 2015, when the Faith Development bought the assemblage for $8.51 million.

Faith Development’s plans for the site include a 12-story office tower, with its floors split between 7 parking levels with 472 spaces and five floors of office suites housing roughly 100,000 square feet, according to the developer.

The tower is being marketed to doctors and other healthcare providers, who could take advantage of the building’s planned first-floor pharmacy, a full-service valet and a shuttle traveling to and from Aventura Hospital.

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Suites for sale in the building range from 817 square feet to a full floor with 19,882 square feet. The offices are being delivered raw, but Faith is offering build-to-suit options for buyers.

Construction progress as of December

Construction began on the tower in June of this year and is expected to open in summer 2017. A request for comment to Faith Development was not immediately returned.

For Miami-based TotalBank, this deal is part of its growing $2 billion loan portfolio in the county. The bank hasn’t appeared to dive headfirst into construction lending like other bullish financial institutions like Bank of the Ozarks, though it has played a role in funding large-scale projects like Melo Group’s newly opened Melody Tower rental building and Ronny Finvarb’s Marriott Residences Inn in South Beach.

Office condos have been a popular development choice in Aventura and the nearby neighborhood of Ojus, where partners Prive Land Banking and CK Holdings have so far launched three such projects.