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UTEX Storage Partners lands $42.5M refi for Miami self-storage assets
The Pembroke Pines facility will be four stories with 1,097 units, while the Coral Gables site is set to rise to 1,500 units after the refinancing.
UTEX Storage Partners has secured a $42.5 million loan to refinance a two-property self-storage portfolio in the Miami area, covering Coral Gables, Florida and Pembroke Pines, Florida, according to Commercial Observer.
Affinius Capital and Axonic Capital provided the debt, the firms' fifth joint origination together, while Greysteel’s Daniel Hartnett arranged the transaction.
The Pembroke Pines facility will be four stories and include 1,097 units, and the Coral Gables property will expand from just under 1,000 units to 1,500 units following the refinancing.
Affinius Capital’s Tyler Figley said both properties are located in high-visibility areas that serve premier residential neighborhoods with limited new self-storage supply.