Rieber lands $15M loan for Aventura mixed-use project

Project to include two connected buildings, with retail, office and senior rental units

BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project

Rieber Developments landed a $15 million pre-development loan for its mixed-use project under construction in Aventura.

Miami-based BridgeInvest provided the loan for the 1212 Aventura project at 32390 Biscayne Boulevard, according to a press release. The project will be built on 2.5 acres and will include two connected buildings and 174 parking spaces.

The first building will include 26,000 square feet of ground-floor retail and office space. The second building will house 160 senior care rental units, with more than 17,000 square feet of ground-floor retail. 1212 Aventura has also received some funding through the federal EB-5 program.

The developer will use the loan to refinance outstanding debt, fund reserves and pay construction costs, according to the release.

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Horizontal site work is done and vertical construction is in progress. Rieber released plans for the project in 2019. The Aventura-based company is led by Bernardo Rieber.

The project is expected to be completed in 2022, according to Rieber’s website.

In 2019, Rieber closed on a separate $36 million construction loan from BridgeInvest for Ivory 214, another Aventura mixed-use project. BridgeInvest is led by managing partner Alex Horn.

Last year, BridgeInvest filed a lawsuit over money allegedly owed by the owner of the 70-key Variety Hotel in Miami Beach.