The Estate Cos. has commenced construction to transform the former Ramada Inn into a 251-unit, apartment community.
HIALEAH, FL – Multifamily developer, the Estate Cos. has secured $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn in Hialeah, FL.
Centennial Bank provided $22.5 million in construction financing and LV Lending provided a $7 million mezzanine loan. The financing closed on April 9th.
The closed hotel, located on a five-acre site at 1950 W. 49th St., will be transformed into a 251-unit, garden-style apartment community with 5,522 square feet of commercial space.
The four-story multifamily community, titled Alture Westland, will feature 245 studio units and six one-bedroom units, ranging from 340 square feet to 600 square feet. The apartment rents will begin around $1200. The converted property will additionally feature a pool, a sundeck, a fitness center and a clubhouse.
The Estate Cos. initially acquired the site in August 2020 for $15.3 million. The company received site plan approval in December 2020.
Construction is currently underway at the conversion project. Alture Westland is expected to be complete in Q4 of 2021.
The redevelopment represents the Estate Cos.’ first project under its new Alture brand, which focuses on value-add opportunities and repositioning older assets. The Estate Cos. currently has 13 projects in development within the Miami-Dade, Broward and Palm Beach counties.
“We are very excited to bring this project to fruition and fill a much needed void in the city of Hialeah,” states Jeffrey Ardizon, principal at the Estate Cos. “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.”
Written by: Ingrid Tunberg from GlobeSt