July 10, 2019
LV Lending provided an $8.7-million acquisition loan for a 140-unit multifamily community in Miami. Located at 8400 NW 25th Ave., the 12-acre property consists of 65 buildings comprised of single-family homes, multifamily and commercial properties, as well as a church.
Camilo Niño, Ricardo Uribe, and Alen Hernandez of LV Lending provided financing for the borrowers, Elizabeth Gardens of Miami, in the transaction. Jim Dockerty of HFF served as the broker of record and represented the borrowers.
Elizabeth Gardens of Miami acquired the property for $12.4 million from Urban League of Greater Miami. The property has been vacant since October 2018. Elizabeth Gardens plans to execute a capital improvement program to renovate unit interiors.
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