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

Site is part of 8.5-acre mixed-use development under construction

Miami /
May.May 31, 2017 05:00 PM

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.


Related Articles

arrow_forward_ios
Akoya and Oceana Bal Harbour (Google Maps)
Miami-Dade’s condo sales show a summer slump
Miami-Dade’s condo sales show a summer slump
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)
Related, partner pay $51M for Aventura mixed-use dev site
Related, partner pay $51M for Aventura mixed-use dev site
Seritage Growth Properties' Andrea Olshan with Esplanade at Aventura at 19505 Biscayne Boulevard (Loopnet, Getty)
After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say
After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...