BY CATHY CUNNINGHAM MARCH 11, 2020 12:53 PM
Miami City Self Storage has landed a $44.3 million floating-rate loan for three self storage facilities in South Florida, Commercial Observer has learned.
Värde Partners provided the five-year financing, which refinances previous debt on the assets, in a transaction negotiated by Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani.
The facilities—at 490 Northwest 36th Street and 1100 Northeast 79th Street in Miami and 812 Northwest 1st Street in Fort Lauderdale—comprise 1,836 units and total 237,044 square feet. The trio opened in 2018 and are progressing through the stabilization period.
MCSS—a joint venture between Rivergate Companies and SJM Partners that’s headed by Jay Massirman, Steve Garchik & Steve McBride—was formed with the purpose of developing urban infill self-storage facilities nationwide. The JV has two million square feet of facilities in South Florida, New York, Boston, L.A. and Northern California.
“Given the operating expertise, location and quality of these assets, we are confident that providing accretive sources of capital prior to stabilization will help enhance execution of the sponsor’s business plan,” Stolly said in prepared remarks.
“With extensive experience and a profound knowledge in the development of self-storage facilities, we share MCSS’s vision as they cater to the demands of these ever-growing submarkets,” Roeschlaub added.
Last June, Värde provided a $31 million loan on one of Brickman‘s Downtown Miami office buildings, in a deal also negotiated by the NKF team.