INDIGO PROPERTIES AND LINKVEST CAPITAL ACQUIRE 8-ACRE SITE IN HIALEAH GARDENS FOR DEVELOPMENT OF MIXED-USE PROJECT
MIAMI (Aug. 22, 2023)–Indigo Properties and Linkvest Capital today announced the acquisition of an eight-acre development site located at N.W. 138th Street and N.W. 107th Avenue in Hialeah Gardens, FL for approximately $5.83 million. Through the entity Linkvest HG, LLC, the buyers acquired the site from The Alan Kombluh Revocable Trust, The Harris Family Living Trust and The Sidney Crown Revocable Trust. Closing took place Aug. 21st. Mixed use project in Hialeah Through a strategic partnership, Indigo Properties and Linkvest Capital plan to develop a vibrant mixed-use project comprising several free-standing retail parcels and a proposed storage facility, enhancing the local community and addressing the growing demand for commercial needs in the area. Led by industry veteran Alex Sanchez, Indigo Properties brings over 25 years of real estate experience to this collaboration. The partnership leverages the synergies of both teams, who have previously worked together on over a dozen successful commercial projects and acquisitions across the southeast and marks the continuation of their co-investment strategy in commercial real estate. “This acquisition echoes our commitment to the community, responding to commercial demands with strategic investment,” stated Alex Sanchez, founder and president, Indigo Properties. “Our history of successful collaboration with Indigo Properties sets the stage for this new chapter, and we look forward to working together to help infuse this area with a dynamic mix of tenants,” added Camilo Niño, principal, Linkvest Capital. “This project will replace a long-neglected site at a key intersection and help improve the quality of life for many residents,” said Day Pitney Attorney Daniel “Danny” Diaz Leyva, who represented Linkvest HG LLC in the deal. “The joint venture’s vision and experience will deliver a project that will help expand the city’s tax base and bring much-needed quality retail to the neighborhood. I am excited to be a part of a seasoned team of developers.” The site is ideally situated at a signalized corner intersection and boasts approximately 1,300 linear feet of frontage on N.W. 138th Street with recent traffic counts of over 26,000 vehicles daily. Northwest 107th Avenue is fully approved for lane expansion to accommodate several million square feet of new industrial development to the north of the property. The intersection is the ideal hub for a plethora of retail tenants. Recent years have witnessed remarkable development in the area, highlighted by the construction of numerous apartment complexes, townhomes and industrial expansion. This accelerated growth has led to the construction, permitting, or initiation of more than 4,000 new homes within a two-mile radius of the development site. Notably, the area has also attracted prominent retailers, employers and distribution centers including Boeing repair warehouses and CGI impact window distributors. The Hialeah Gardens submarket is bounded by I-75, Hialeah Gardens Blvd, SR 27, and the Florida Turnpike. Within a half-mile radius, prominent commercial establishments such as Publix, Home Depot, TJ Maxx, Home Goods and Burlington contribute to the area’s growth. Additionally, with a median household income of $87,091 within a 1-mile radius, the project is well-positioned to attract national retail tenants seeking to connect with an affluent consumer base. The site’s accessibility is enhanced by its proximity to key transportation routes. Less than a mile from Okeechobee Road and with quick access to the Florida Turnpike, the site is strategically positioned to serve the expanding population in the surrounding areas. Indigo Properties and Linkvest Capital are committed to delivering a transformative mixed-use project that aligns with the evolving needs of the community and capitalizes on the flourishing growth in the Hialeah Gardens submarket.
LV LENDING CLOSES $8.3 MILLION IN FINANCING FOR CONGRESS GROUP’S ACQUISITION OF CIVICA CENTER IN MIAMI HEALTH DISTRICT
MIAMI (July 7th, 2023)–LV Lending, a leading private lender focused on bridge loans for commercial and residential investment properties and developments, has closed an $8.3 million loan for Congress Group’s acquisition of the Civica Center, a .85-acre multifamily development site located at 1050 NW 14th St. in Miami’s Health District. Congress Group, in partnership with Peakhill Equity TS, Inc., acquired the site from TCD 212 Civica FL Property LLC, a Delaware limited liability company, for $16 million. Closing for both the financing and acquisition took place on July 7th. “LV Lending is proud to have supported Congress Group’s successful acquisition of this prime real estate,” stated Camilo Niño, CEO of LV Lending. “We look forward to collaborating with them on future ventures and seeing their exciting new development take shape.” Congress Group has plans to transform the site into a 380-unit high-rise multifamily development. The land directly fronts the north side of the Dolphin Expressway and is a portion of a larger 1.82-acre tract that has been improved with a mixed-used retail and office building. LV Lending’s loan was used to finance the acquisition of the site while Congress Group completes the process to go vertical. A future advance has also been made available for the funding of additional pre-development costs. The Miami Health District is home to some of the largest and most renowned hospitals and research facilities in the United States, including the University of Miami Leonard M. Miller School of Medicine, Florida International University’s Herbert Wertheim College of Medicine, and Jackson Memorial Hospital. Boston-based Congress Group is a highly experienced real estate investment and development firm having successfully acquired, developed, re-positioned and/or entitled and managed over 7 million square feet of real estate, valued at over $1.5 billion. With over 30 years of experience, Congress Group has successfully completed numerous high-profile projects across the United States comprising multifamily, office, retail, and hospitality properties. Some of its notable South Florida projects include 999 Brickell, Bentley Bay in Miami Beach, and Soho Miami. For more information, call LV Lending at (305) 523-6576, email at [email protected] or visit www.lvlending.com.
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MATTI HOMES USA INC. ACQUIRES 36 ACRES OF LAND IN VERO BEACH
VERO BEACH, FL (June 2023)–LV Lending, our lending affiliate focused on bridge loans for commercial and residential investment properties and developments, closes $2,171,500 in financing for the acquisition of four vacant parcels of land totaling 35.93 acres located at 2305 – 2505 90th Ave. in Vero Beach, FL. The loan was extended to Matti Homes USA Inc, who acquired the site for $3,343,000 from 60 AC Vero Beach, LLLP, a Florida limited partnership. Canadian real estate investment and development company Jaymor Group served as a consultant. Closing took place June 12th. The land is zoned for multifamily development and is situated at the northeast corner of 90th Ave. and 26th St. in unincorporated Indian River County, FL. LV Lending’s loan enabled Matti Homes USA Inc to finance the acquisition while they work to obtain the necessary approvals for vertical construction. The current zoning allows for the development of 238 buildable units, making it an attractive opportunity for multifamily development in the area. The site offers excellent connectivity and access to major transportation routes, including State Road 60, providing convenient east/west access to the town of Vero Beach and the west coast of Florida, and I-95, facilitating north/south access to Indian River County and the east coast of Florida. For further information on LV Lending, please contact (305) 523-6576 or email [email protected].
GRUPO SION ACQUIRES 9-ACRE FLAMINGO WATERPARK RESORT IN KISSIMEE FOR $20.5 MILLION
Private Lender LV Lending Closes $10 Million In Financing for Acquisition MIAMI (April 2023)– LV Lending, our lending affiliate focused on bridge loans for commercial and residential investment properties and developments, closes $10 million in financing for the acquisition of Flamingo Waterpark Resort, a 9-acre, 390,300-square-foot hotel and resort located at 2261 Irlo Bronson Memorial Highway in Kissimmee, FL. Padan Aram LLC, a subsidiary of Grupo Sion, acquired the 241-key hotel and resort property from Flamingo Hotel & Resort, LLC for $20.5 million. Camilo Niño, Ricardo Uribe, and Alen Hernandez of LV Lending provided the financing. Closing for both the financing and acquisition took place April 21st. This is the first U.S. acquisition for the firm and part of its expansion plans in the U.S. Originally built in 1966, the three-story family-friendly hotel and resort offers spacious family suites and character-themed children’s’ suites along with single accommodation for business travelers. Amenities include an outdoor pool with tiki bar and courtyard, business center, meeting rooms, market, restaurant, arcade, kid zone and playgrounds. A state-of-the-art water park adds to the fun with a 30-foot tower water slide, three additional water slides, lazy river, splash pad, lounge pool, and heated spa. The property is situated along the U.S. 192, also known as E. Irlo Bronson Memorial Highway, at a junction with Florida’s Turnpike and just east of downtown Kissimmee in Osceola County. Flamingo Waterpark Resort is located less than two miles from Osceola Heritage Park which includes Silver Spurs Arena, home to the Silver Spurs Rodeo, Kissimmee Convention Center, Kissimmee County Stadium and the Osceola County Fairgrounds. The resort is conveniently located approximately 12 miles from Walt Disney World Resort area and less than 15 miles from the Universal Resort area. For more information, call LV Lending at (305) 523-6576, email at [email protected] or visit www.lvlending.com.
LV LENDING CLOSES $13 MILLION REFINANCING FOR WATERFRONT MULTIFAMILY DEVELOPMENT SITE IN WEST PALM BEACH
MIAMI (March 2023)– LV Lending, our lending affiliate focused on bridge loans for commercial and residential investment properties and developments, closes $13 million in refinancing for a 1.2-acre waterfront multifamily development site located at 4708-4714 N. Flagler Dr. in West Palm Beach, FL. BGI Companies, led by Kenneth A. Baboun, is developing the site into Alba Palm Beach, a luxury 21-story, 55-unit project featuring a limited collection of modern condominiums, townhome residences and marina. The project broke ground in October 2023 and is expected to be completed in Q4 2025. The project is currently more than 25% sold. With direct Intracoastal frontage and a private dock with boat slips reserved for residents, Alba Palm Beach, is a boat-owner’s dream residence. Located on North Flagler Drive in West Palm Beach, the new complex will house 55 residences spread across 22 floors, plus four two- and three-floor townhouses, with private elevators and vestibules further adding to the intimate and private feel of the space. In addition to the waterfront amenities, more than 25,000 square feet of Alba Palm Beach is dedicated to even more incredible features, including a sunrise pool overlooking the Intracoastal, a sunset pool for the warm afternoon sun, and dedicated grill and lounge areas. New members will also enjoy a one-year complimentary membership at the Palm Beach Yacht Club & Marina. West Palm Beach-based Spina O’Rourke + Partners have given the space a sleek and modern design, an aesthetic which carries into the interiors. Options range from 2- and 3-bedroom layouts to 4-bedroom townhomes, and all residences feature water views. Pricing starts at just under $3 million. Alba is located directly on the Intracoastal Waterway, just moments from the beaches, Worth Avenue, Atlantic Ocean and all of the highlights of West Palm Beach.
