BridgeInvest Closes a $22.0MM Refinance Loan in Palmetto Bay, FL
1st Priority Mortgage Loan
Loan Amount
$22,000,000
Property Type
Self-Storage
Location
Self-Storage
BridgeInvest is pleased to announce the closing of a $22 million senior secured refinance loan on a Class A self-storage facility located in Miami’s Palmetto Bay submarket. The Property is a four-story, 100,276 SF, 1,115-unit 100% climate-controlled facility developed in 2022 by The Feldman Companies. Situated one block off South Dixie Highway, the asset benefits from strong visibility within a dense trade area, operates under the Extra Space Storage brand, and includes a 2,420 SF retail outparcel.
This financing is part of BridgeInvest’s Low-Cost Bridge program, offering pricing starting at SOFR+250 bps for quality transitional commercial real estate and multifamily assets
Transaction Highlights:
- Institutional sponsorship from The Feldman Companies, a national owner and developer of self-storage properties, with approximately 2MM SF at 29 facilities in the U.S.
- Class A, 2022-vintage self-storage asset operated under the strong brand of Extra Space Storage, with 100% climate-controlled state-of-the art units, 24/7 surveillance, and keypad/controlled-floor access
- Exceptionally active trade area with excellent ratio of self-storage supply per capita
