FL Mixed-Use Project Receives $36M Construction Loan

Ivory 214. Rendering courtesy of Shalev Development Group

Shalev Development Group has received $36 million in construction financing from BridgeInvest for Ivory 214, a mixed-use project in Aventura, Fla. The 10-story medical and office development will include a 100-key Tapestry Collection by Hilton hotel. The general contractor—a company related to Coastal Construction—broke ground in March of last year and expects to complete construction in the first quarter of 2020.

Located at 2820 N.E. 214 St. within the Aventura Medical District, the project will be adjacent to Aventura Hospital, roughly 2 miles from Aventura Mall and less than 19 miles from downtown Miami. The property will consist of 10,942 square feet of retail, 38,191 square feet of office space and 313 parking spots. Additionally, the 100 extended stay hotel rooms will include kitchenettes and amenities such as a lounge area, restaurant and bar, rooftop terrace, valet parking and a fitness center.

At the beginning of the year, BridgeInvest originated a $33 million construction loan for a Waldorf Astoria project in Miami. The 1,049-foot tower comprises a 140-key hotel and 400 condo units.