MIAMI (Jan. 22, 2024) – Linkvest Capital, through its lending affiliate, LV Lending, a local private lender specializing in bridge loans for commercial and residential investment properties and developments, today announced the closing of an $11 million loan for the acquisition of 1.89 acres of land strategically located at 954 and 934 E. 25th St. in Hialeah, FL. Camilo Niño, Ricardo Uribe and Alen Hernandez of Linkvest facilitated the transaction on behalf of the buyer, MG Developer, led by Alirio Torrealba. The loan closed Jan. 11th.
MG Developer executed a direct purchase of seven properties from owner Michael Klinger for $16.3 million and secured rights to acquire three contiguous parcels on 24th Street. The properties currently house a mix of commercial spaces and multifamily residences.
MG Developer is planning to transform the site into Metro Parc South III, a 347-unit multifamily development, that will seamlessly integrate with MG Developer’s other multifamily communities developed since 2021. The developer plans to break ground in the third quarter of 2024.
The comprehensive Metro Center complex, including Metro Parc, Metro Parc North, and Metro Parc South, spans 2.3 million square feet with 1,600 contemporary and accessible apartments and commercial space, promising to revitalize urban life in the heart of Hialeah. The complex is slated for completion in 2027.
This transit-oriented community is conveniently located within walking distance to the Metrorail and Tri-Rail transfer station and in close proximity to Hialeah Hospital, Amelia Earhart Park, Factory Town, with Miami International Airport just a 15-minute drive away.
Linkvest has been a financial partner to MG Developer since 2020, financing both Metro Parc I and Metro Parc II. Linkvest has also participated as the firm’s equity partner for the construction of The Village, a 48-unit residential project in Coral Gables, FL. Miami-based MG Developer, was founded in 2014 and has successfully completed more than five projects in Florida.
For further information, please contact Linkvest (LV) Lending at (305) 523-6576, email [email protected], or visit www.linkvestcapital.com.
