Alture Westland to Transform Shuttered Ramada Inn into Mixed-Use Community with 251 Rental Units and 5,500 SF of Retail
MIAMI (April 13, 2021)– LV Lending, a local private lender focused on residential and commercial investment properties, today announced the closing of a $7 million mezzanine loan for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah, FL. Financing was arranged by Camilo Niño, Ricardo Uribe, and Alen Hernandez of LV Lending on behalf of The Estate Companies (EIG), a leading developer of multifamily projects throughout South Florida. Centennial Bank provided approximately $22.45 million in construction financing. Closing took place April 9th.
The shuttered hotel will be transformed into Alture Westland, a new four-story garden-style community with 251 rental units and 5,522 square feet of commercial space on the northwestern section of the main building. Construction is underway and completion is scheduled for Q4 2021.
“We are very excited to bring this project to fruition and fill a much needed void in the City of Hialeah,” stated Jeffrey Ardizon, principal, The Estate Companies. “We thank all of our financial partners as well as the City of Hialeah, who understood our vision and have confidence in our execution to make this project successful.”
The Estate Companies acquired the five-acre site for $15.25 million in August 2020 and received site plan approval in December.
The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Amenities include a pool with sundeck, fitness center and clubhouse. Rents will start in the $1,200’s.
Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, one of the city’s busiest corridors and main artery in Hialeah. The City of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida. In addition, the area offers great walkability with a variety of social, dining and entertainment options, including the Westland Mall, just a short distance away.
Alture Westland is the first project to be introduced as part of The Estate Companies’ new Alture brand, which focuses on value-add opportunities and repositioning older assets to achieve their highest and best use.
The Estate Companies currently has 13 projects in various stages of development throughout Miami-Dade, Broward and Palm Beach counties.
About The Estate Companies (EIG)
The Estate Companies is a leading Miami-based full-service vertically integrated developer, owner and operator of residential communities in South Florida. The firm is best known for its institutionally recognized Soleste brand which features Class A multi-family developments throughout South Florida’s urban core and submarket locations. Its project portfolio features a mix of garden-style, mid-rise and high-rise rental developments. Current projects available for lease include Soleste Twenty2, Soleste Bay Village, Soleste Alameda and Soleste Blue Lagoon. Current projects under development include Soleste Grand Central, Miami’s first large-scale opportunity zone development in Downtown Miami, Soleste Spring Gardens in Miami’s Historic Spring Garden District, Soleste NoMi Beach in North Miami Beach and Soleste Cityline in Dania Beach, Florida. The Estate Companies is led by an executive management team with decades of experience, including in-house expertise in development, acquisitions, finance, architecture, design, construction management, marketing, sales and leasing. For more information, please visit www.eigfl.com.
For information on The Estate Companies, please visit eigfl.com.
About LV Lending
LV Lending is a Miami-based private lender focused on investment purpose loans for the acquisition and development of residential, commercial and land projects. The company has a current servicing portfolio of over $200 million and has overseen more than 500 transactions for $400+ million in Florida and Georgia. Founded in 2015, LV Lending prides itself on its team’s approachability, fast closings and high level of transparency. LV Lending is an affiliate of Linkvest Capital and Linkpoint Properties.