Hialeah, FL

$11,500,000

Hotel

Purchase

08/07/2020
Transaction by
LV Lending
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.