Self storage developer scores $26.7M construction loan
Two months after finishing their land grab in Miami-Dade County, a group of developers has taken out $26.7 million in financing to start construction on half a dozen self storage facilities.
Three companies, all tied to developers Jay Massirman and Stephen Garchick, signed off on the loans from PNC Bank and TD Bank. The mortgages cover four properties near Brickell, Coconut Grove and on the southwestern edge of Doral.
Massirman, along with Garchick and third partner Steven McBride, are planning to build a multitude of modern facilities under the brand Miami City Self Storage. Each will measure 100,000 square feet and house roughly 1,000 climate controlled units, the company said.
A handful of companies named Miami City Self Storage began buying land late last year. Their holdings now include eight parcels totaling 3.1 acres spread throughout Miami-Dade, which they paid $12.25 million to acquire, according to county property records.
The development trio has a history with commercial real estate. Massirman is the former vice chairman of commercial brokerage CBRE, and is now the head of the Rivergate Companies investment firm. Garchick and McBride are heads of development company SJM Partners, which has offices in Virginia and Palm Beach.
Their plan is to build more than 1 million square feet of self storage, and they are actively seeking new sites to buy and build on.
“We launched our South Florida storage venture early in the cycle and were able to secure six premier sites,” Massirman said in a statement in April. “We are aggressively seeking new sites and have several parcels in the acquisition pipeline.”