The Real Deal Miami

Self-storage project near Coral Gables scores construction loan

The site will be home to a new five-story facility with 1,139 self-storage units
By Amanda Rabines | September 22, 2017 01:34PM

Rendering (Credit: Loopnet)

A self-storage builder just scored a $14.66 million construction loan for its planned storage facility near North Gables, property records show.

The lender was Jernigan Capital. The company provides debt and equity capital to private developers and operators of self-storage facilities, according to its website.

Self Storage Associates Inc., an affiliate of Gables Storage Builders, bought the 2.3-acre lot at 4250 Southwest Eighth Street in March for $4.9 million, records show. The entity, led by Richard Beaver, paid about $48 per square foot for the lot between Coral Gables and West Flagler Street.

In October, the Miami-based real estate company Gables Edge Parks filed an application with Miami-Dade County to construct a five-story self-storage facility on the site. The planned facility will span 86,337 square feet and contain 1,139 self-storage units, according to the application.

The facility will be managed by CubeSmart, the fourth-largest owner and operator of self-storage facilities in the United States.

Earlier this month. Prudential paid $18.5 million for a recently built 101,000-square-foot self storage building in Little Havana.

An earlier version of this story incorrectly identified the developer. It is Self Storage Associates Inc.