Estate Companies scores $30M construction loan to turn Hialeah Ramada into multifamily
Alture Westland will have 251 apartments
A plan to convert a long-closed Hialeah hotel into multifamily is moving forward, as the developer scored $29.5 million in construction financing.
The Estate Companies has started construction to turn the Ramada Inn at 1950 West 49 Street into Alture Westland, according to a press release. The project is expected to be finished in the fourth quarter.
Conway, Arkansas-based Centennial Bank, led by John Allison, issued a $22.45 million loan, and Miami-based private lender LV Lending, led by Camilo Niño, provided $7 million in mezzanine financing.
Becker shareholders Hugo Alvarez, Michael Boutzoukas, Cherrie Goudreau and Scott Marcus represented Centennial Bank in the deal, according to the release.
South Miami-based The Estate Companies, led by Robert Suris and Jeffrey Ardizon, bought the four-story, 254-key Ramada on 5 acres in August for $15.25 million, record show. The price equates $60,039 per unit.
Alture Westland will keep the four-story height and roughly the same unit count, as it will have 251 apartments, including 245 studios and six one-bedrooms. The unit sizes will range from 340 square feet to 600 square feet, according to the release. Monthly rents will start in the $1,200s.
The project will have 5,522 square feet of commercial space on the northwest part of the main building. Amenities will include a pool with a sundeck, gym and clubhouse.
Estate, which is best known for its Soleste multifamily brand, has 13 projects underway in South Florida. They include Soleste Spring Gardens in Miami’s Health District, for which Estate in September scored a $36 million construction loan.
Alture Westland will be Estate’s first development under the Alture brand, which focuses on adding value to older properties.
This isn’t the first Miami-Dade County hotel to be converted into multifamily housing. Miami Beach-based AB Asset Management in March bought Residence Inn by Marriott in Coconut Grove for $31 million. It plans to upgrade it and run it as a hotel in the short term, and then convert it into multifamily.