FL Self Storage Receives $7M Refi
- Oct 18, 2018
Aztec Group Inc. has arranged a $6.8 million loan for the refinancing of Jacksonville Self Storage, a 982-unit facility in Jacksonville, Fla. Benefit Street Partners LLC provided the loan to Jacksonville Self Storage LLC operating in Jacksonville and South Florida. The borrower purchased the self-storage property in 2013.
Located at 10724 Lem Turner Road, Jacksonville Self Storage is close to interstates 295 and 95, approximately 8 miles from the city’s downtown. The facility is situated near several apartment communities, such as the 240-unit Madison Woods and 360-unit The Place at Capper Landing. The storage asset was constructed in 2008 and was expanded in 2013 due to population and employment growth in the area. Jacksonville Self Storage occupies almost 17 acres and comprises units ranging from 25 to 500 square feet. The five-building facility features climate-control, gated entry, drive-up access and parking and RV parking spaces.
“The storage facility’s prime location in Northern Florida coupled with the strength of the borrower enabled us to secure financing terms that met our client’s expectations,” said Howard Taft, senior managing director at Aztec Group, in prepared remarks.
Aztec Group’s team included Taft, Executive Vice President Charles Penan and Senior Associate Joel Zusman. Earlier this year, the firm arranged $5.9 million in financing for the acquisition of Westshore Center, a 77,000-square-foot office building in Tampa, Fla.
Image courtesy of Aztec Group Inc.