Real estate loan taken out to convert Hialeah Hotel into an apartment building

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

A plan to convert a long-closed Hialeah hotel into an apartment building is progressing as the developer raised $ 29.5 million in mortgage lending.

According to a press release, the Estate Companies have started construction to convert the Ramada Inn at 1950 West 49 Street into Alture Westland. The project is expected to be completed in the fourth quarter.

Conway, Arkansas-based Centennial Bank, headed by John Allison, made a $ 22.45 million loan, and Miami-based private lender LV Lending, headed by Camilo Niño, provided a mezzanine -Financing of $ 7 million ready.

According to the press release, Becker shareholders Hugo Alvarez, Michael Butzoukas, Cherrie Goudreau and Scott Marcus represented Centennial Bank in the deal.

South Miami-based The Estate Companies, led by Robert Suris and Jeffrey Ardizon, bought the four-story Ramada with 254 keys on 5 acres for $ 15.25 million, a record display. The price is equivalent to $ 60,039 per unit.

Alture Westland will remain four stories high and roughly the same number of units as it will have 251 apartments, including 245 studios and six studios. The unit sizes range from 340 square feet to 600 square feet, according to the press release. Monthly rents start at $ 1,200.

The project will include 5,522 square meters of commercial space in the northwestern part of the main building. Facilities include a pool with a sun terrace, a fitness room and a clubhouse.

Best known for its multi-family brand, Soleste, Estate has 13 projects underway in South Florida. These include Soleste Spring Gardens in Miami’s Health District, for which Estate received a $ 36 million construction loan in September.

Alture Westland will be Estate’s first Alture branded project focused on adding value to older properties.

This isn’t the first Miami-Dade County hotel to be converted into apartment buildings. Miami Beach-based AB Asset Management bought the Residence Inn by Marriott in Coconut Grove in March for $ 31 million. It is planned to upgrade it in the short term and run it as a hotel and then convert it into an apartment building.

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