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| 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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