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Estate Cos. Secures $30M Construction Loan for Hialeah MF Project



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

https://www.connectcre.com/florida/estate-cos-secures-30m-construction-loan-for-hialeah-mf-project/?utm_campaign=Connect+CRE+News%3A+Florida&utm_medium=email&_hsmi=121529132&utm_content=121529132&utm_source=hs_email


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