Miami Storage Facility Lands $10M Construction Loan
Walker & Dunlop worked with Generation4 Partners to structure the financing for the development of a seven-story self storage facility in the metro’s Wynwood neighborhood.
By Evelyn Jozsa
Walker & Dunlop has structured $9.8 million in financing for the construction of SpareSpace Storage in Miami. The firm worked with sponsor Generation4 Partners to place the debt assignment. The project is slated for completion by the summer of 2019.
Located in the Wynwood neighborhood, the development will be less than 1 mile from Mana Wynwood, a roughly 24-acre assemblage that will feature 10 million square feet of commercial and civic space as well as a residential component. Additionally, the facility will be near Interstate 95, which provides exposure to more than 380,000 vehicles per day. The seven-story storage facility is slated to be 100 percent climate-controlled. Moreover, it is set to feature controlled access and personal and commercial wine storage spaces.
Walker & Dunlop’s Capital Markets team that arranged the financing included Vice President Marty McGrogan and Senior Market Analyst Niki Perez. In August, the company also structured a $120 million loan for a 1.2 million-square-foot group of properties in Miami Lakes, Fla.
Image courtesy of Walker & Dunlop