Private Money Loan for Acquisition of a Former Hotel in Hialeah, Florida

Funded by LV Lending

$11,500,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

08/07/2020

Property Type
Hotel
Property City

Hialeah

Property State

FL

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$15,250,000

Loan-to-Purchase Price

75%

Borrower's Contribution to Purchase

25%

Source of Borrower's Contribution

Cash

Lot Acreage

5

Deal Summary

LV Lending, a local Miami private lender, arranged a bridge loan in the amount of $11,500,000 for the acquisition of a commercial property in Hialeah which used to be a Ramada Hotel. The Borrower is a leading developer of luxury multifamily projects throughout South Florida. They purchased the 5-acre site for $15,250,000. The non-operational 258-room hotel was originally constructed in 1970 with expansions completed in 1973, 1979, and 1988. The site is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, providing extremely high visibility and accessibility. The developer plans to do a major conversion of the property to multifamily. Our loan was 75% LTC. The Borrowers contributed $3,750,000 toward the purchase price. This CRE bridge loan was funded in August 2020.

Funded By

LV Lending

Licensed Private Lender: approchability, fast closings, transparency.