Adam Petrillo, managing director of locally based Regent Realty & Investments LLC, and independent broker Alan Kurtzman arranged $14 million in senior financing for the acquisition of the parcel. The loan was provided with partial recourse by Orlando-based Capital Source Finance. The seller of the property was the Aventura Jewish Center and the principal of Aventura Land Trust is Yizhak Toledano. The sale closed late last month.
"Toledano has a successful track record in residential development and condominium conversions and is broadening his investments into commercial real estate," Petrillo says.
Plans for the site, and another adjacent site, include building a mixed-use project incorporating a medical office condominium with retail, lofts, townhomes and a hotel on a site that includes the subject and a contiguous parcel. Petrillo tells GlobeSt.com that Toledano is developing site plans, which he plans to submit to the city within the next 90 days.
"The primary use on the site will be medical office space," Petrillo says. "Aventura is a near built-out community and there is significant demand for office, hotel and retail space."
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