Colliers arranging $113M funding for mixed use Florida development

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Colliers International announced that its structured finance team, led by Jeffrey Donnelly and Dmitry Levkov, has closed on the $83.8 million refinancing of a mixed use development consisting of 163-units of luxury assisted living, 29,684 s/f of retail, and 25,796 s/f of medical offices – located in Aventura, Florida.

The Donnelly/Levkov team is also mid-closing on a $29 million refinancing of a Hilton Tapestry hotel, known as Serena located adjacent to the 1212 Aventura project, developed by the same client.

Colliers’ client, Aventura-based Rieber Development has completed several projects throughout South Florida, but the two projects – 1212 Aventura and Serena are the first two phases of a very large, multi-city block, multi-phase, master plan development, which will continue to roll out in the coming months, and which the Donnelly/Levkov team will also finance.

The Serena, a Hilton Tapestry hotel

1212 Aventura is  located, and with prominent frontage on Biscayne Avenue in Aventura, Florida, with immediate proximity to the Aventura Hospital – a level 2 trauma hospital, and one of the most important medical facilities in South Florida.

Donnelly, commented, “Our client, Bernardo Rieber, is a truly talented and visionary developer.  He has envisioned and assembled one of the most impressive and comprehensive large scale master plan communities to be attempted in Miami-Dade County.  He has intuitively integrated the site’s immediate proximity to the hospital, and carefully tailored a use mix that ingeniously capitalizes on all of the myriad medical use groups – doctors for medical offices, independent living, assisted living, and memory care, and a wonderful Hilton hotel just a hundred yards from the hospital entrance.  B

“But it’s not just the cleverness of the selection of use that makes this development special.  The project is as sexy as anything one expects to see in the Miami market.  These are possibly the finest, most luxury ALF units to be executed in any market.  Floor-to-ceiling windows in units, a highly amenitized project with a resort-caliber pool and gardens – it’s a masterfully crafted development.  It was truly a pleasure to finance this client’s vision.”

Miami-based BridgeInvest provided the $63.5 million senior construction loan.   A further $20.3 million mezzanine loan was provided by an overseas lender.   

Levkov, commented, “This was not an easy financing, for a variety of reasons, but not the least of which was weaving in an overseas mezz investor.  But BridgeInvest was an absolute pleasure to work with, and time and time again, they showed flexibility and creativity in working through issues as they came up in the closing process.   Our team was able to generate robust lender interest in this project, with multiple lenders competing for the financing; but we’re not sure many of them could have proved as creative and resilient as BridgeInvest did.  They spent the time to understand the asset class, and the holistic development vision.  We very much look forward to working with the Bridgeinvest team on future financings.”

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