Camilo Niño, Founding Principal of LV Lending in Miami. Courtesy photo 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
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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Miami Developer Drops Claims of Misappropriating Trade Secrets and Stealing Key Employees
5 minute read
'Be Proactive With Clients': Florida's New Condo Regulations Will Require a Closer Look at Contracts
5 minute read
Real Estate Transactions: Nelson Mullins Says Trust Is Key to Display Good Judgment
3 minute readTrending Stories
- 1$1.9M Settlement Approved in Class Suit Over Vacant Property Fees
- 2Former Wamco Exec Charged With $600M 'Cherry-Picking' Fraud
- 3Stock Trading App Robinhood Hit With Privacy Class Action 1 Month After Alleged Data Breach
- 4NY High Court Returns Fired Priest's Discrimination Claim to State Agency
- 5Digging Deep to Mitigate Risk in Lithium Mine Venture Wins GM Legal Department of the Year Award
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
