On behalf of Miami City Self Storage (MCSS), Newmark has arranged a $44.3 million floating-rate loan for the refinance of three self-storage facilities in Southern Florida. 490 NW 36th Street and 1100 NE 79th Street are both located in Miami, FL, and 812 NW 1st Street is in Ft. Lauderdale, FL. The three assets combine for a total of 1,836 units and 237,044 square feet.
The Newmark team was led by Vice Chairmen and Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub along with Senior Managing Director Chris Kramer. Varde provided the five-year loan.
The three, 100% climate-controlled facilities opened in mid-late 2018 and are currently in the process of a successful ramp-up to stabilization. The 36th Street and 79th Street properties are both managed by CubeSmart, one of the nation’s leading self-storage operators. The 1st Street property is managed by Public Storage, the largest self-storage operator globally.
“Given the operating expertise, location and quality of these assets, we are confident that providing accretive sources of capital before stabilization will help enhance the execution of the sponsor’s business plan,” said Stolly.
“With extensive experience and profound knowledge in the development of self-storage facilities, we share MCSS’s vision as they cater to the demands of these ever-growing submarkets,” added Roeschlaub.
Miami City Self Storage (MCSS) is a joint venture between Rivergate Companies and SJM Partners, which was formed by industry veterans Jay Massirman, Steve Garchik and Steve McBride to develop urban infill self-storage facilities in high-value locations nationwide. MCSS currently has two million square feet of self-storage facilities in various stages of development and lease-up. Current markets for MCSS include South Florida, New York City, Boston, Los Angeles and Northern California.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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