Rieber Developments landed a $15 million pre-development loan for its mixed-use project under construction in Aventura.
Miami-based BridgeInvest provided the loan for the 1212 Aventura project at 32390 Biscayne Boulevard, according to a press release. The project will be built on 2.5 acres and will include two connected buildings and 174 parking spaces.
The first building will include 26,000 square feet of ground-floor retail and office space. The second building will house 160 senior care rental units, with more than 17,000 square feet of ground-floor retail. 1212 Aventura has also received some funding through the federal EB-5 program.
The developer will use the loan to refinance outstanding debt, fund reserves and pay construction costs, according to the release.
Horizontal site work is done and vertical construction is in progress. Rieber released plans for the project in 2019. The Aventura-based company is led by Bernardo Rieber.
The project is expected to be completed in 2022, according to Rieber’s website.
In 2019, Rieber closed on a separate $36 million construction loan from BridgeInvest for Ivory 214, another Aventura mixed-use project. BridgeInvest is led by managing partner Alex Horn.
Last year, BridgeInvest filed a lawsuit over money allegedly owed by the owner of the 70-key Variety Hotel in Miami Beach.