Walker & Dunlop Refinances Self-Storage Property in Broward County
- Mar 08, 2016
By Adriana Pop, Associate Editor
The loan was structured as a five-year term followed by a 30-year amortization schedule. The property is strategically located in Broward County, just north of McNabb Road, with easy access to the Florida Turnpike and Interstate 95.
Built in 1975, Fort Knox Self Storage offers a net rentable area of 65,893 square feet and includes state of the art security, onsite U-Haul truck rental, electronic gate access with entry code, and moving and packing supplies. The borrower has owned the facility since 2002, and most recently in 2012 went through a management change, which has since brought the property to a current occupancy of 87 percent.
Over the past three years, Walker & Dunlop has financed more than $100 million in self-storage transactions, enabling borrowers to customize their deals with creative financing solutions.
“Current industry trends show that self-storage has proven to be a stable and desirable asset class. Self-storage properties have seen an increase in demand and occupancy as the housing market and economy have recovered. Challenges within this property space include basic structures, location and the ability to vacate at any time,” stated Paul Ahmed, senior vice president, who led the Walker & Dunlop team. “While the typical investor is a small business owner, they are using this as entry point into commercial real estate, and the demand for this property class is steadily increasing.”
Image courtesy of Fort Knox Self Storage