$19.7 Million Construction Loan for Ambulatory Medical Center is Largest in 2017

Suzette Laboy, Daily Business Review

August 15, 2017

Business and real estate attorney Carlos J. Reyes closed on a nearly $20 million construction loan to build an outpatient medical center in Fort Lauderdale, making it his largest construction project to date.

Reyes of the Reyes Law Group represented the development group Cypress Creek Medical Pavilion LLC and Axis Health Care Partners LLC and its principal Liliana R. Lehmann, as well contractor ANF Group Inc. and its principals, Al Fernandez Jr., Nelson Fernandez and Al Gil, in the $19.7 million construction loan to build the 79,812-square-foot medical building on West Cypress Creek Road in Fort Lauderdale.

The building will be an innovative ambulatory medical center, making the deal an exciting one for Reyes to be a part of “since you know this will have a long-term value.”

The lender was U.S. Century Bank, which along with Floridian Community Bank, provided the construction, stabilization and permanent loan credit facility. U.S. Century Bank was represented by senior vice president Michael Curbelo and Gray Robinson shareholder Barbara J. Ferrer, who said the team was under a tight deadline to negotiate.

“The due diligence process was extensive. The project was pre-leased to various significant groups of physicians and ambulatory service providers and already under construction. You just have to work through all the issues,” Ferrer said in a statement.

One key component in the deal was that most of the project had been already leased by the developer’s realty team, the Brenner Real Estate Group of Fort Lauderdale, now part of CBRE Inc.

“I took it very much personally. It was an important project to complete,” Reyes said of the transaction, which closed June 14. The building is slated to open by the end of the first quarter of 2018 and include a state-of-the-art ambulatory surgery center.

Suzette Laboy is a freelance writer in Miami.

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Written by Reyes Law Group