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.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.