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| 738-Unit Princeton Self Storage, Melbourne, FL |
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.8 million financing for acquiring and expanding Princeton Self Storage, an existing 389-unit self storage facility in the Central Florida community of Melbourne.
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| Rebecca VanReken |
The HFF team worked on behalf of the borrower, SecYour Storage Property Group, to secure the first mortgage financing. Loan proceeds were used to fund both the acquisition of the existing self storage property and the development of an additional 349 climate-controlled units, which will bring the total number of units to 738. CubeSmart will manage the property.
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| Michael Pagniucci |
Situated on 4.18 acres at 1060 Polo Drive, Princeton Self Storage is in a highly active residential and retail corridor of Melbourne, a community 70 miles southeast of downtown Orlando.
The property is 1.5 miles east of Interstate 95 and adjacent to three residential developments. It shares an access easement with Princeton Park Apartments. Within two miles of the property, there are more than 500 multi-housing units, and more than 74,000 residents live within a three-mile radius of Princeton Self Storage.
The property is 1.5 miles east of Interstate 95 and adjacent to three residential developments. It shares an access easement with Princeton Park Apartments. Within two miles of the property, there are more than 500 multi-housing units, and more than 74,000 residents live within a three-mile radius of Princeton Self Storage.
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| Ryan Ade |
HFF’s debt placement team representing the borrower included director Michael Pagniucci and managing directors Ryan Ade and Rebecca VanReken.
“We are very excited about the acquisition and repositioning of this property as we continue to execute on our business plan of acquiring value-add self storage facilities throughout the United States,” said Chris Corr, managing principal and CEO of SecYour Storage Property Group.
“This facility represents our third acquisition in Florida along with a very solid pipeline of opportunities to follow. Our partnership with CubeSmart as a third-party manager continues to produce positive results for us, and we look forward to maintaining that relationship well into the future.
"Additionally, the team at HFF has continued to produce very strong partners for us on the debt side, and we look forward to furthering that relationship throughout 2019 and beyond.”
“This facility represents our third acquisition in Florida along with a very solid pipeline of opportunities to follow. Our partnership with CubeSmart as a third-party manager continues to produce positive results for us, and we look forward to maintaining that relationship well into the future.
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| Chris Corr |
About SecYour Storage Property Group
SecYour Storage Property Group, LP is a private equity real estate investment and development company focused on acquiring and developing self storage facilities on a national level.
CONTACTS:
RYAN ADE
HFF Managing Director
(484) 532-4200
REBECCA VANREKEN
HFF Managing Director
(407) 745-3900
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
1 comment:
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