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Faith Development lands $23M construction loan for new Aventura office condos

Medical Building South Florida

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

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FIP Realty Breaks Ground On Aventura MOB

Medical Building South Florida

Miami-based FIP Management is rolling the dice on Aventura’s first medical office condo project in the area. Of course, it’s not a big gamble since FIP already has pre-sold two-thirds of the office space.

FIP Management is breaking ground this week on Aventura Medical Tower, a 12-story medical office building that is being marketed as office condominiums to physician practices who want walking access to Aventura Hospital & Medical Center. The $27M project at 2801 NE 218 St has already pre-sold office units to a number of physician groups, including to Dr. Jeff Gelblum, a noted neurologist in Miami who also is a principal in the project. With that and construction financing in the kitty, Aventura Medical Tower should deliver by fall 2017.

Jeff notes that medical office space around hospitals in Miami is rare to come by. And rents have escalated greatly since the Great Recession. In fact, National Real Estate Investor noted last year that Miami MOB rents were among the 10th-highest in the nation at an average of just over $25/SF. Miami’s 11.1M SF MOB market is 92.5% leased as well, according to Colliers International. Jeff says physicians were sold on the idea of owning office space and paying a steady and predictable mortgage versus chancing it on rents that don’t seem to be headed south anytime soon. “The problem is there’s not enough office space to go around,” Jeff says.

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Turner Construction seals deal for space at Miami commercial center

Contracting giant Turner Construction Co. just signed a lease for space at the Miami International Commerce Center in Doral.

Turner, which has worked on projects in Miami like the Park Place at Brickell apartments, inked a deal for 29,062 square feet of space at the commerce center, located at 8216 Northwest 14th Street near the Miami International Airport.

Landlord PS Business Parks was represented in-house for the deal by its leasing agents Carolina Vargas and Jorge Rivera. On the other end, Helen Weissman of the Brenner Real Estate Group represented Turner.

Read more at our global site: FIP Realty

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