Little Haiti Self-Storage Facility Lands Financing
- Aug 12, 2015
A 663-unit self storage property in Miami changed hands after landing $5.1 million in acquisition financing.
Completed in 1955 and renovated in 2004, the asset consists of 628 climate-controlled units, two retail bays and 33 RV parking spaces. Located at 200 NW 79th St. in the city’s Little Haiti neighborhood, it has 257 feet of frontage along Florida State Road 934, a main east-west thoroughfare in the area. It is also in close proximity to Interstate 95 and North Miami Ave., which provide quick access from downtown Miami/Brickell and Aventura. The property is surrounded by a densely populated area with nearly 200,000 permanent residents within a three-mile radius.
HFF arranged the $5.1 million deal on behalf of 21st Century Storage. A team led by Director Michael Klein and Associate Director Jose Carrazana secured the two-year, floating-rate senior loan with three 12-month extension options through Bedrock Capital Associates in New York City. The borrower is a private self-storage management and investment firm focused mainly on acquiring and repositioning underperforming self-storage properties throughout the United States. The firm also builds new self-storage facilities. Its current portfolio includes assets in Florida, California, New Jersey, Nevada and Pennsylvania. 21st Century Storage is planning to make a further series of upgrades to the recently purchased property.
Photo credits: Google Maps