Estate Nabbed Loan to Turn Hialeah Hotel to Multifamily

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The Estate Companies Managing Principal Robert Suris and Principal Jeffrey Ardizon with the existing Ramada Inn property and renderings of Alture Westland multifamily building (The Estate Companies)
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.

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