Private Money Refinance for River Redevelopment Site in Miami, Florida

LV Lending, a direct private lending firm in South Florida, funded a $4.62 million 1st lien position refinance loan secured by a 1.75-acre residential site in Miami, FL. The refinancing was facilitated by Camilo Niño, Ricardo Uribe, and Alen Hernandez of LV Lending, on behalf of the Borrower, 1515 Miami River Development, L.P., led by Marlon Gomez, of Gomez Development Group. The property had been previously purchased in January 2014 for a combined total of approximately $3.87 million. The acquisition consisted of an assemblage of three sites on the Miami River, which currently houses four single-family homes with 14 boat slips. The site had received approvals for rezoning which allows for greater density. The developer now plans to turn this site into a modern 40-unit townhome project with new boat slips. This private money refinance loan was funded in February 2020.