The Real Deal Miami

Senior living developer scores $29.6M loan for site at Aventura ParkSquare

Site is part of 8.5-acre mixed-use development under construction
By Amanda Rabines | May 31, 2017 05:00PM

Aventura ParkSquare renderings (Inset: Avi Bittan)

UPDATED June 6, 2 p.m.: An affiliate of senior housing developer Royal Senior Care just scored a $29.6 million loan for vacant land at Aventura ParkSquare, for what is likely the site of luxury senior living.

Royal Senior Care founder Avi Bittan signed the mortgage. BB&T Bank is the lender, property records show. The loan is for the 19,168-square-foot site between Northeast 29th and 30th avenues, just south of Northeast 207th Street.

Integra Investments, led by Victor Ballestas, is the master developer behind Aventura ParkSquare, an 8.5-acre mixed-use and health-oriented project. Ballestas has said the development would include senior living, and broker websites show the project will have 144 luxury apartments set aside for seniors. First Florida is the general contractor.

Royal Senior Care and Integra Investments could not immediately be reached for comment.

Other developments under Royal Senior Care include a 25-acre campus in Lake Mary, Florida, which will have 335 units, according to its website. In 2015, the developer landed a $24.7 million construction loan for a ranch-style senior living complex in Davie.

Last year in February, Aventura ParkSquare closed on a $100 million construction loan. Overall, ParkSquare will include 55,000 square feet of retail, a 100,000-square-foot office tower, a 45,000-square-foot wellness medical center, a garage and a 131-unit luxury residential condo tower.

Some health-related features include extra-wide sidewalks for walkability, open staircases that support less use of elevators and the elimination of curbs. Retail tenants will include Icebox CafeBarry’s Bootcamp and greenmonkey yoga.