Developers score $22M construction loan for Westchester senior living and medical office project

Posted :
August 29, 2020
Posted :
admin
Share :

As reported in The Real Deal.

A group of developers scored a $22 million construction loan for a mixed-development in Miami’s Westchester neighborhood that will include a medical office building and senior living facility.

Commercial real estate developers AJP Ventures and Mas Group, along with equity partner OCTA, expect to break ground on the 6-acre project at 9191 Southwest 24th Street in October, according to a press release. Groundbreaking was initially expected in April.

The developers expect the project to open in fall 2021. Demolition of the former AT&T corporate building on the site started in the summer.

Live Oak Bank of Wilmington, North Carolina, provided the loan, according to the release. Bruce Gibson, principal of Senior Capital Advisors, arranged the financing.

Modis Architects designed the one-story medical office, called MedSquare Place. The office building will offer 37,000 square feet of space. About 17,000 rentable square feet is available, according to a brochure for the office.

The office building will be adjacent to the senior living facility, called The Contemporary. The Contemporary will have 85 units, including one- and two-bedroom apartments, community spaces, dining venues, a salon, library and fitness center. Units will range from 750 square feet to 1,020 square feet, with rents starting at $2,750 a month, according to the release.

In February, AT&T sold the former Bellsouth building to Coral Way Real Estate Partners for $7.8 million, records show. The buying entity is controlled by AJP’s Alberto Pérez and Juan Carlos Mas, chairman of the Mas Group.

Juan Carlos Mas’ brother, Jorge, leads the project to redevelop the publicly owned Melreese golf course near Miami International Airport into Miami Freedom Park, a projected $1 billion commercial mixed-use project anchored by a 25,000-seat stadium for the Major League Soccer franchise Inter Miami CF.

Medical offices may prove a respite from uncertainty facing the office market due to Covid-19, as businesses embrace remote work.

Earlier this month, a private equity group sold a medical office building in West Palm Beach for $5.2 million, a slight discount from its last sale price in 2013.

In July, The Jewish Federation of South Palm Beach County sold an affordable senior housing complex in Boca Raton to Fairstead for $33.8 million.

In January, Royal Senior Care paid $7.6 million for a 12.9-acre site for a planned senior living development in south Miami-Dade County, next to a Jackson Health System hospital.