$45M Office Building
Development of a 142,000-SF Medical Office Building
Parkview Financial has closed a $45 million construction loan to an entity of Gomez Development Group for a speculative 142,000-square-foot medical office building located at 21291 N.E. 28th Avenue in Aventura, FL, a coastal city approximately 19 miles north of Miami. The fully entitled, seven-story project with a four-level parking garage with 346 spaces, will break ground in early 2022 with completion anticipated for November 2022.
Situated on 1.63 acres, the property will include a seven-story building as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center and within an upscale suburban area with a demographics that skew toward older, affluent residents.
“Parkview Financial saw this as a compelling opportunity to finance this project, which is located within a strong South Florida submarket, on behalf of an experienced local borrower,” said Paul Rahimian, CEO and Founder of Parkview Financial. “The market fundamentals in and around Aventura continue to be solid with growth from both residential and business standpoints. This bodes well for the medical office sector.”
Fabio Baum, CFA, a Managing Director and Senior Underwriter with Parkview Financial added, “The leasing and property sale momentum in this submarket, along with the attractiveness of the medical office building product to local and international investors, enabled Parkview to accept the market leasing risk of this speculative project. Most commercial banks won’t consider lending on a project unless there is pre-leasing in place which is typically 30% to 50%."
The project’s architect is Caymares Martin Architectural & Engineering Design. A general contractor has not yet been announced.