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Gomez Development scores $45M loan to build Aventura medical building
Marlon Gomez’s firm purchased development site in October for $19M
After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property.
Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according to a press release. The property is adjacent to Aventura Hospital and Medical Center.
A Gomez affiliate paid $19 million for the 1.63-acre site in October, according to records. The seller was Aventura Medical Center LLC, managed by Miguel Carlos Cadet, which retained an investment stake in the proposed project.
Gomez plans to break ground next year on the new building, which will also have a four-level parking garage with 346 spaces, the press release states. The developer plans to finish construction by the fourth quarter of 2022.
In a statement, Parkview Financial founder and CEO Paul Rahimian said his company provided the loan because it was a compelling financing opportunity on behalf of an “experienced local borrower.”
Gomez is currently co-developing a 425-unit multifamily building with ground-floor retail in Miami’s Spring Gardens neighborhood. Gomez and his partners Emir Dereli and Jason Susar paid $17 million for the 68,000-square-foot assemblage in 2019.
Gomez’s firm also built Fontaine Parc, a 133-unit, mid-rise apartment building in the Fontainebleau area of Miami.
Since launching a real estate debt fund in 2015, Parkview has executed more than $2.5 billion in financing for multifamily, retail, office, industrial and mixed-use projects, the release states.
The market fundamentals in and around Aventura continue to be solid, with growth from both residential and business standpoints, Rahimian added. Nearby, Rieber Development plans to build an assisted living facility with medical offices and retail, called 1212 Aventura. The developer just scored an $83.8 million construction loan for the project.
South Florida’s medical office buildings are in hot demand. In October, Forte Capital Management paid $11 million for a Hollywood medical office building adjacent to Memorial Regional Hospital South. The same month, Irvine, California-based IRA Capital picked up a single-story outpatient center in Boca Raton for $16 million.
In September, a two-story office building traded in a $17.2 million deal involving two affiliates of Montecito Medical Real Estate. And Healthcare Trust of America bought the 1905 Medical Center in Boca Raton for $50 million.