Miami Lender Issues $15M Loan for Planned Hilton Triptych Hotel
Much of the loan was used for a partner buyout, and part keeps the Midtown Miami hotel on track before construction.
August 27, 2018 at 04:55 PM
3 minute read
Camilo Niño, Founding Principal of LV Lending in Miami. Courtesy photo
HES Group had two needs: refinance an existing loan and rearrange its partnership arrangement to drop one partner and bring in another.
LV Lending LLC, a Miami-based private lender, arranged a $15 million senior loan to refinance the Hilton brand's pre-construction Triptych Hotel in Midtown Miami and buy out the JQ Group of Cos. partner.
LV principals Camilo Niño and Ricardo Uribe came into the picture based on previous dealings with the new equity partner, developer Maurice Egozi of Bay Harbor Islands. LV Lending financed an assemblage in Miami's Little Havana for him.
About 70 percent of the new loan proceeds went to the buyout and the rest went to HES' Aventura Hotel Properties LLC, to refinance the developer's $9.7 million loan issued in October 2017 by a different lender and for working capital.
“We are bridge lenders. Our advantage is to close fast to help sponsors or developers to finance the equity or the capital they have before they get to a long-term traditional loan,” he said.
The speed in this case meant the loan closed in under four weeks July 31.
HES Group develops and operates Miami-area hotels, and the latest effort is the 20-story, 297-room hotel planned at 3601 N. Miami Ave. The developer acquired the 44,783-square-foot site for $12.25 million in 2014.
“We like the project, we like the people, and we already know one of the partners,” Niño explained.
The two-year loan allows for one extension of up to two years, he said without disclosing the terms.
HES has filed for permits, obtained the design from Bermello Ajamil & Partners and reached the brand agreement with Hilton.
The existing partners staying in place are Francisco Arocha, Alberto Abilahoud and Jose Herrera.
HES Group hotels include the Aloft Brickell and Aloft Coral Gables, which are open; Hotel Indigo Miami Brickell, which is due to open in the next three months; and a Miami Beach hotel that's under construction.
LV is backed by 45 foreign investors interested in South Florida real estate or real estate-backed assets. The company has a servicing portfolio of $250 million and has closed more than 450 transactions in Florida.
Niño and Uribe have been real estate investors since 2006 and started issuing private loans the the LV founding partners in 2010.
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