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

TRD 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
(Credit: iStock)

Miami board OKs self-storage freeze

Daniel Weinstein, John Guitar and Phil Marchese

Movers & Shakers: MCSS hires self-storage exec as managing partner & more

George Lindemann and Verona View

Lindemann sells Plantation apartments for $75M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

7600 West Mcnab Road and Todd Ruderman

Prolific self-storage operator is a buyer in North Lauderdale

Kim Bokamper and 301 Northwest 127th Avenue in Plantation (Credit: Getty Images)

Former Miami Dolphin Kim Bokamper lists Plantation home

IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

(Credit: iStock)

Hot demand: Pembroke Pines self-storage facility sells for $13M

arrow_forward_ios
Loading...