Multifamily project developer The Estate Companies (EIG) announced the closing of approximately $29.5 million in construction financing for the multi-family 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. Centennial Bank provided approximately $22.45 million in construction financing and LV Lending provided a $7 million mezzanine loan.
Closing took place April 9.
Construction is underway and completion is scheduled for Q4 2021.
“We are very excited to bring this project to fruition and fill a much needed void in the City of Hialeah,” stated Jeffrey Ardizon, principal, The Estate Companies. “We thank all of our financial partners as well as the City of Hialeah, who understood our vision and have confidence in our execution to make this project successful.”
The Estate Companies acquired the five-acre site for $15.25 million in August 2020 and received site plan approval in December.
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.
Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, one of the city’s busiest corridors and main artery in Hialeah. The City of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida. In addition, the area offers great walkability with a variety of social, dining and entertainment options, including the Westland Mall, just a short distance away.
Alture Westland is the first project to be introduced as part of The Estate Companies’ new Alture brand, which focuses on value-add opportunities and repositioning older assets to achieve their highest and best use.
The Estate Companies currently has 13 projects in various stages of development throughout Miami-Dade, Broward and Palm Beach counties.
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