Self-storage project in Plantation draws $8.1 million construction loan

The construction loan by a national bank illustrates the emergence of self-storage as an institutional asset class

Miami /
Nov.November 26, 2017 04:00 PM

David Gahagan, managing director of Walker & Dunlop

A developer obtained an $8.1 million construction loan from a bank to build a self-storage facility in Plantation, illustrating new respect for self-storage as a real estate asset class.

Operating under the name Preferred Storage, the self-storage facility will span 101,533 square feet. The three-story facility will be built at 4589 West Sunrise Boulevard on a 4.2-acre site. Construction is expected to be completed by mid-2018.

Walker & Dunlop Inc. negotiated the $8.1 million loan to finance construction of the Plantation self-storage facility. The loan by a national bank has 10-year term, covering a 12-month construction period and three years of interest-only payments during a stabilization period.

“Self-storage properties were traditionally a mom and pop business, but it is now a growing institutional category of real estate,” David Gahagan, managing director of Walker & Dunlop, said in a prepared statement.

The Preferred Storage facility will be located on West Sunrise Boulevard between Interstate 95 and Florida’s Turnpike. The facility will feature 24-hour access to climate-controlled units, on-site management, video surveillance and free truck rental. — Mike Seemuth


Related Articles

arrow_forward_ios
Sagi Shaked and 201 North Pine Island Road (Shaked Law, Google Maps)

Former Plantation fertility clinic sells for $8M

Former Plantation fertility clinic sells for $8M
Christopher Forest Longsworth (Invesca)

Invesca CEO Christopher Longsworth dies at 36

Invesca CEO Christopher Longsworth dies at 36
12301 West Sunrise Boulevard with Raanan Katz, Bob Barth, Zach Zalben and Stanley Black (Google Maps, Linkedin, Getty)

Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal

Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Starwood's Barry Sternlicht and Island Capital's Andrew Farkas (Getty)

Starwood sells Plantation office buildings in $78M deal

Starwood sells Plantation office buildings in $78M deal
Northland's Lawrence Gottesdiener with the Del Oro and Plantation Meadows apartments (Google Maps)

Plantation apartment complexes sell for $57M

Plantation apartment complexes sell for $57M
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia buys cold storage warehouse in Allapattah for $5M

Arkadia buys cold storage warehouse in Allapattah for $5M
Westfield Broward mall, CEO Christophe Cuvillier

Westfield Broward mall’s $95M CMBS loan heads to special servicing

Westfield Broward mall’s $95M CMBS loan heads to special servicing
Tal Frydman with Hamlet Plantation and The Continental Apartments (Credit: Hamlet via Jenco Properties)

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...