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1212 Aventura is described as a “vibrant retail and lifestyle colonnade” complete with professional offices, a marketplace, and residential living spaces in Aventura, Florida. This parcel will consist of 160 senior living apartments, 38,000 square feet of office space, and 26,000 square feet of commercial space.
Investment Type: Land
Property Description: Mixed-use office, retail, and senior living complex
Loan Amount: $11,070,739
Amenities Offered
1212 Aventura will have 160 senior living apartments that are anything but old-fashioned. In fact, these units are quite modern and luxurious. These units will have 10-foot tall windows, high ceilings, and balconies that provide tons of natural light to every inch of space.
The architecture of these units was designed by Arquitectonica. The interiors were designed by Steven G Interiors with input from independent and senior living specialists.
1212 Aventura will also have 38,000 square feet of office space with 39 different office condominium units. The offices will feature 14-foot floor-to-ceiling windows, along with common spaces that are tastefully designed by Steven G Interiors. The sizes of the units range from 340 square feet for one-man operations to 1,500 square feet for larger operations. Each of these office condos will come with a dedicated parking space.
Finally, 1212 Aventura will have 26,000 square feet of commercial space that houses a marketplace and food hall. This great feature will allow residents and office workers to get a bite to eat without even leaving the complex.
This space will feature a diverse offering of food ranging from seafood to pizza and everything in between. And since there’s something for everyone here, there will be no need to go anywhere else for an office party or get-together.
A Strong Community
Aventura 1212 is located in Aventura, Florida — a suburban community located just north of Miami and south of Fort Lauderdale. This community is in close proximity to the beautiful Atlantic Ocean that offers plenty of recreational opportunities, including surfing, boating, and other water sports.
The Aventura area has a total population of 37,303. However, within just a five-mile radius, the population is over 1,000,000. As a result, Aventura is a nice enclave with all the benefits of suburbia, plus access to urban centers like Miami and Fort Lauderdale.
The average age in the area is about 43 years old. The average household income in the area is just under $100,000. Furthermore, it’s estimated that 36% of people in the area have at least a college degree, with 9% of that 36% having a graduate degree.
More specifically Aventura 1212 has a unique location within the Medical District that contains Aventura Hospital, a Level II Trauma Center. As a result, the office spaces within the development are ideal for medical professionals because the workers will be able to walk over to the hospital if needed. The senior living spaces are also ideal for seniors who want to live in close proximity to where they receive medical care.
Funds for Financing
Financing a project as large as 1212 Aventura with a price tag of $11 million could be quite difficult without the right partners. It was also difficult to obtain financing since the project required the purchases of multiple different parcels of land. Rather than going through the hurdles of obtaining conventional financing, the borrower was able to secure a bridge loan with Vaster.
Vaster was the perfect lender for this project thanks to its expertise in development and land assemblage. Vaster has helped secure funding for some of the largest real estate developments in South Florida, including the Palm Beach Post Repositioning and the Crystal in West Palm Beach.
Vaster was able to provide the funding needed to assemble the different parcels of land and cover the predevelopment costs. From there, the client was able to refinance out of the loan after they secured a $15 million predevelopment loan.
Real Help for Real Estate
Although Vaster does secure funding for large multi-million dollar projects, that’s not all we do. We also secure funding for smaller residential projects as well. And although we do work with established investors, we also work with anyone looking to get into real estate.
We specialize in bridge loans — temporary financing solutions designed to “bridge the gap” between closing and securing permanent financing. Bridge loans are also designed to be more efficient — offering expedited closing time frames that can help you make a more competitive offer in a hot market where cash offers are all too common.
Essentially, Vaster is an extremely flexible lender that’s ready and willing to work with you to make your real estate dreams come true. If you found the perfect commercial property to invest in but are a foreign investor without an income tax return or W-2s, we can work with you. If you found the perfect duplex to house hack but a low credit score is making it hard for you to secure traditional financing from big banks, we can work with you.
But working with Vaster isn’t just beneficial because of the funding access; our team can also offer you tailored financial expertise to make sure that your investment ultimately succeeds.
Our loan committee is comprised of multiple real estate developers through Related and Fortune International. So, while you can put a price tag on the money, you can’t really put a price tag on financial and real estate insights.
The Total Package
As you can see, 1212 Aventura is just one incredible example of what the right lender can help you achieve with beneficial financing solutions like bridge loans.
So, instead of paying sky-high interest rates that stretch into the double-digits, reach out to our lending specialists to see how we can work with you to make your South Florida real estate dreams a reality.
Sources:
Rieber Developments Breaks Ground on 1212 Aventura | South Florida Business Journal
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