Santander Provides $88M to Build Apartments Near Aventura Mall in South Florida

Pinnacle and Ram Realty Advisors obtained an $88.3 million construction loan from Santander Bank to build a rental property near the Aventura Mall near North Miami Beach, property records show. 

Called Aventana, the 16-story development is set to house 334 apartments at 19640 Harriet Tubman Highway, formerly West Dixie Highway, just west of the 1.8 million-square-foot Aventura shopping center, and north of the Brightline train station, within the Ojus neighborhood in an unincorporated part of Miami-Dade County. 

Thirty-four of the 334 apartments will be set aside as workforce housing within the 354,238-square-foot development, according to a spokesperson for Pinnacle.

Santander Bank increased a loan issued in 2022, which has an $8 million outstanding balance, to $88.3 million, according to mortgage documents. Construction is expected to be completed in the fourth quarter of 2027.

Pinnacle and Ram Realty Advisors purchased the 2.2-acre site for $15.4 million in 2022. The developers originally planned to construct a 15-story, 285-unit building, but secured extra density thanks to the project’s proximity to the Brightline station. 

Dadeland-based Pinnacle and Palm Beach Gardens-based Ram Realty Advisors are frequent partners, having completed a 336-unit development in Hollywood, Fla., in 2021, and a 312-unit project in Kissimmee this year.

A representative for RAM did not respond to a request for comment.

Updated: The article was updated to include comments from a Pinnacle spokesperson.

Julia Echikson can be reached at jechikson@commercialobserver.com.