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LV Lending Closes Financing for Congress Group’s Acquisition of Civica Center
LV Lending has closed an $8.3 million loan for Congress Group’s acquisition of the Civica Center, a .85-acre multifamily development site located at 1050 NW 14th St. in Miami’s Health District. In partnership with Peakhill Equity TS, Inc., Congress Group acquired the site from TCD 212 Civica FL Property LLC, a Delaware limited liability company, for $16 million.
Congress Group plans to transform the site into a 380-unit high-rise multifamily development. The land fronts the Dolphin Expressway and is part of a larger 1.82-acre tract that has been improved with a mixed-use retail and office building. The loan was used to finance the acquisition of the site, and a future advance has been made available to fund additional pre-development costs.
The Miami Health District is home to some of the largest and most renowned hospitals and research facilities in the United States.
- ◦Sale/Acquisition
- ◦Financing