MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami.
The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA.
Bruce Gibson, principal with Senior Capital Advisors, arranged the financing.
MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s mix-used space includes medical offices adjacent to The Contemporary.
The development will replace a former AT&T corporate office on a 5.8-acre site. Demolition of the former building has been underway since the start of the summer, and the groundbreaking is slated for October 2020. The Contemporary is slated to open in Fall 2021.
Modis Architects designed the project.