Multifamily developer The Estate Cos. has secured a $29.5 million construction loan for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah.
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. 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.
Centennial Bank provided approximately $22.45 million in construction financing and LV Lending provided a $7 million mezzanine loan. Construction is underway and completion is scheduled for Q4 2021.
Written by: David Cohen from Connect CRE News: Florida