LV Lending Arranges $3.6 Million in Financing
MIAMI (Oct. 16, 2020)–LV Lending, a local private lender focused on residential and commercial investment properties, today announced the closing of $3.6 million in financing for the acquisition of Maximo Mall, a 2.76-acre, 39,000-square-foot retail center at 4401 34th St. South, and the adjacent Maximo Plaza, a 2.5-acre,10,600 SF single-tenant retail building occupied by Ace Hardware at 4537 34th St. South in St. Petersburg. The financing was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending, on behalf of the borrower, Jack Dougherty of Allied Group Holdings. Closing took place Sept. 18th.
Dougherty is the developer of Marina Walk, the new $50 million, waterfront eight-story, 245-unit apartment complex under construction on the site of the former Flamingo Resort across the street. The redevelopment of the Maximo site will feature an eight-story, 154-unit Class A assisted living facility slated to begin construction in the first quarter of 2021. Additional retail development will take place along U.S. 19 at the same time.
“We are thrilled to be the financial partner to Mr. Dougherty, a respected leader and visionary who is at the forefront of the Waterfront Skyway Marina District transformation,” stated Camilo Niño, principal, LV Lending. “We look forward to seeing Marina Walk’s progression and are confident this project will enhance and revitalize the area.
The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, just three miles from Downtown and one mile from St. Pete Beach. For more information on LV Lending, call (305) 523-6576, email at [email protected] or visit www.lvlending.com.
About Allied Group Holdings
Allied Group Holdings is a St. Petersburg based development group which seeks out quality redevelopment sites in underutilized urban infill locations with a long term redevelop and hold strategy. Currently the group has in excess of $50 million in projects under construction. For more information on Allied Group Holdings call (727) 327-8000, email at [email protected] or visit www.marinawalkapts.com.
About LV Lending
LV Lending is a Miami-based private lender focused on real estate business and investment mortgage loans on residential and commercial properties. The company has a current servicing portfolio of $187 million and has overseen more than 462 transactions for $353 million in Florida and Georgia. Founded in 2013, LV Lending prides itself on its team’s approachability, fast closings and high level of transparency. LV Lending is an affiliate of Linkvest Capital.