Miami Self Storage Portfolio Commands $44M Refi
- Mar 16, 2020
Miami City Self Storage has obtained a $44.3 million loan for three self storage facilities in South Florida. Värde Partners provided the variable-interest mortgage which is set to mature in 2025. Newmark Knight Frank secured the financing for the borrower. The portfolio totals 237,000 rentable square feet.
Two of the properties are situated in Miami, at 490 NW 36th St. and 1100 NE 76th St., while the third one is located at 812 NW First St., in Fort Lauderdale, Fla. CubeSmart manages the Miami facilities, while Public Storage operates the one in Fort Lauderdale. The portfolio encompasses 1,836 units spread across three multi-story buildings, which came online in 2018. The assets are 100 percent climate-controlled and provide such amenities as parking, security cameras and on-site management.
NKF Vice Chairmen Dustin Stolly and Jordan Roeschlaub, and Senior Managing Director Chris Kramer negotiated the loan.
Last year, Miami City Self Storage sold a five-property portfolio to Jernigan Capital. The facilities had a combined total of 480,000 square feet in more than 4,100 units.