Sunday, August 16, 2015

HFF arranges $5.1 million financing for self storage property in Miami’s Little Haiti neighborhood


Michael Klein
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced  it has arranged  $5.1 million in acquisition financing for 200 NW 79th Street, a 663-unit self storage property located in the Little Haiti neighborhood of Miami, Florida.
  
HFF worked on behalf of the sponsor, 21st Century Storage, to secure the two-year, floating-rate senior loan with three 12-month extension options through Bedrock Capital Associates in New York City. 

200 NW 79th Street is situated in a densely populated location with nearly 200,000 permanent residents living within a three-mile radius. 

Additionally, the property benefits from 257 feet of frontage along NW 79th Street, a main east-west thoroughfare, as well as excellent proximity to Interstate 95 and North Miami Avenue, which provide easy access to downtown Miami/Brickell and Aventura. 

Completed in 1955 and renovated in 2004, the property consists of 628 climate-controlled units, two retail bays and 33 RV parking spaces.  The borrower is planning to make a series of upgrades to the property.

Jose Carrazana
The HFF team representing the borrower was led by director Michael Klein and associate director Jose Carrazana.

“The success of this debt placement can be attributed to numerous factors including the sponsor’s considerable operations and management experience, as well as strengthening economic fundamentals in self storage nationally,” Carrazana said.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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