With construction well underway, Faith Development just scored a $22.9 million loan to help finance its upcoming office condo project, Aventura Medical Tower, aimed at healthcare providers.
The loan was issued by TotalBank and covers Faith’s 70,650-square-foot development site at 2801 Northeast 213st Street, which sits only a few blocks from Aventura Hospital.
Details about the loan were not immediately available, though county records show this is the second piece of financing taken out on the land. The first was a $9 million balloon mortgage from Edward Faith in June 2015, when the Faith Development bought the assemblage for $8.51 million.
Faith Development’s plans for the site include a 12-story office tower, with its floors split between 7 parking levels with 472 spaces and five floors of office suites housing roughly 100,000 square feet, according to the developer.
The tower is being marketed to doctors and other healthcare providers, who could take advantage of the building’s planned first-floor pharmacy, a full-service valet and a shuttle traveling to and from Aventura Hospital.
Suites for sale in the building range from 817 square feet to a full floor with 19,882 square feet. The offices are being delivered raw, but Faith is offering build-to-suit options for buyers.
Read more at: The Real Deal South Florida