Dealmaker: LV Lending Closes $12M in Financing
LV Lending, Miami, closed $11.75 million in financing for land acquisition and hotel conversion transactions in Florida.
In Saint Cloud., Coastline Management Group LLC acquired 45 acres of vacant land on E. Bronson Memorial Highway along Arthur J. Gallagher Boulevard from Harmony Retail LLC for $9.5 million. Coastline plans to develop a 237,500-square-foot warehouse and 20,000 square feet of commercial space on the site.
LV Lending Partner and CEO Camilo Niño, Partner Ricardo Uribe and Commercial Director Alen Hernandez arranged $4.75 million in financing for the transaction, which closed on June 17.
In April, LV Lending closed a $7 million mezzanine loan to convert a former Ramada Inn at 1950 W. 49th St. in Hialeah, into a multifamily property. Niño, Uribe and Hernandez represented The Estate Cos., Miami, in the transaction. Centennial Bank, Conway, Ark., provided $22.4 million in construction financing.
The Estate Cos. will convert the shuttered hotel into Alture Westland, a new four-story garden-style community with 251 rental units and 5,500 square feet of commercial space in the northwestern section of the main building. The firm said it expects to complete the project late this year.
The Estate Cos. acquired the five-acre site for $15.2 million in August 2020 and received site plan approval in December. Alture Westland represents the first project introduced as part of The Estate Cos.’ new Alture brand, which focuses on repositioning older assets to achieve their highest and best use.
