The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has announced the $15.25 million acquisition of a five-acre site occupied by a former Ramada Hotel at 1950 W. 49th St. in Hialeah. The closing took place August 7th with $11.5 million in financing arranged by LV Lending, a local private lender. The loan was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending on behalf of 1950 Hialeah Holdings, LLC, an entity of The Estate Companies (EIG).
The non-operational 258-room Ramada hotel was originally constructed in 1970 with expansions completed in 1973, 1979 and 1988. The site is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, providing extremely high visibility and accessibility.
“We are thrilled with this acquisition as it presents a rare opportunity to own all the fundamentals we look for in an asset,” stated Jeffrey Ardizon, principal, The Estate Companies. “The site is situated on arguably the City of Hialeah’s busiest corridor and main artery. 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.”
Ardizon added, “The distressed hotel sector has created investment opportunities that firms like ours are ready and able to capitalize on. Not all sites are created equal, and buyers need to be nimble and flexible in order to ensure repurposed assets meet the current market demands.”
“We take our hats off to Camilo Niño and his team at LV Lending who arranged our financing in such a short period of time,” Ardizon added. “They were seamless in their execution and a pleasure to work with on this transaction.”