Aventura-based Rieber Developments proudly announced today that they have closed on a $36 million construction loan for Ivory 214. Miami-based BridgeInvest served as the lender. The loan was formally granted to the property’s development LLC, Shalev Development Group.
Already under construction, Ivory 214 is a 10-story medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel. Along with its recently announced sister project, 12|12 Aventura, the projects will serve as the epicenter of the ‘Aventura Medical District.’
The significant project milestone comes on the heels of the extraordinary sales interest for the project’s office condos, which has just four office spaces remaining, from the original 34. Sales of the Ivory 214 office condos has been led by Cervera Real Estate as the exclusive broker.
“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”
Ivory 214 is a Class A+, state-of-the-art facility featuring an independent hotel and medical office space. The contemporary building is comprised of 10,942 square feet of retail, 38,191 square feet of offices, 100 hotel rooms, and 313 parking spaces.
Driftwood Hospitality Management will serve as the hotel operator of the Tapestry Collection by Hilton™ hotel which will feature 100 extended stay rooms complete with kitchenettes, and premium amenities including a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar, rooftop terrace, valet parking, and 360-degree views of Aventura.
General contractor Winmar Construction, an affiliate of Coastal Construction, broke ground in March 2018 and is on schedule to complete the project in the first quarter of 2020.