FL Self-Storage Project Receives $8M Loan
- Nov 23, 2017
Walker & Dunlop Inc. has structured a $8.1 million construction loan for Preferred Storage, a 101,533-square-foot self-storage facility in Plantation, Fla. The loan, secured through a national bank, is structured with a 10-year term and 12-month construction period, followed by a 36-month stabilization period on an interest-only basis. The remaining six years of the loan term will be amortized over 25 years.
The three-story facility will be built on a 4.2-acre site located at 4589 W. Sunrise Blvd., between Interstate 95 and Florida Turnpike. Preferred Storage will feature climate-controlled units, 24-hour access, on-site management, video surveillance and free truck rental. The development is slated for completion in the first part of 2018.
The Florida self-storage market is continuously increasing. Recently, Mequity LLC began the development of a 96,295-square-foot self-storage project in Miami. The new facility is slated for completion by 2019.
“Self-storage properties were traditionally a mom and pop business, but it is now a growing institutional category of real estate with a number of REITs and national funds acquiring and owning this asset class. We were able to work with a large bank to provide desirable financing for our client,” mentioned David Gahagan, managing director at Walker & Dunlop, in a prepared statement. David Gahagan together with Senior Analyst Ariel Zucker led the company’s team in arranging the loan for the Plantation project.
Image courtesy of Walker & Dunlop