AJP Ventures, OCTA and Mas Group have secured a $ 22 million construction loan.

A group of developers has secured a $ 22 million construction loan for a mixed-use development in Miami’s Westchester neighborhood that will include a medical office building and a seniors’ residence.

Commercial real estate developers AJP Ventures and Mas Group, along with their financial partner OCTA, plan to launch the 6-acre project at 9191 Southwest 24th Street in October, according to a press release. The first groundbreaking was initially planned in April.

The developers expect the project to open in the fall of 2021. Demolition of the old AT&T company building on the site began in the summer.

Live Oak Bank in Wilmington, North Carolina, granted the loan, the statement said. Bruce Gibson, director of Senior Capital Advisors, arranged the funding.

Modis Architects designed the one-story medical practice called MedSquare Place. The office building will provide 37,000 square feet of space. About 17,000 rentable square feet are available, according to a brochure from the office.

The office building will be adjacent to the seniors’ residence, called The Contemporary. The Contemporain will have 85 units, including one and two bedroom apartments, community spaces, restaurants, lounge, library and fitness center. Units will range from 750 square feet to 1,020 square feet, with rents starting at $ 2,750 per month, according to the release.

In February, AT&T sold the old Bellsouth building to Coral Way Real Estate Partners for $ 7.8 million, according to records. The purchasing entity is controlled by Alberto Pérez from AJP and Juan Carlos Mas, president of the Mas group.

Juan Carlos Mas’ brother Jorge is leading the project rearrange the Melreese public golf course near Miami International Airport in Miami Freedom Park, a projected $ 1 billion mixed-use commercial project anchored in a 25,000-seat stadium for the Major League Soccer franchise Inter Miami CF.

Doctors’ offices can be a respite uncertainty facing the office market due to Covid-19, as businesses embrace remote working.

Earlier this month, a private equity group sold a medical office building in West Palm Beach for $ 5.2 million, a slight discount from its last sale price in 2013.

In July, the South Palm Beach County Jewish Federation sold an affordable seniors housing complex in Boca Raton to Fairstead for $ 33.8 million.

In January, Royal Senior Care paid $ 7.6 million for a 12.9-acre site for a senior housing development project in southern Miami-Dade County, adjacent to a Jackson Health System hospital.