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UTEX Storage Partners secures $42.5M loan for Florida expansion
The financing supports a two-property self-storage portfolio in the Miami metro, targeting 2,597 total units after completion.
UTEX Storage Partners has closed on a $42.5 million construction loan to fund a two-property self-storage expansion in the Miami metropolitan area, according to ConnectCRE.
The loan was originated by Affinius Capital and Axonic Capital, with financing arranged by Daniel Hartnett of Greysteel.
One project will be a to-be-built four-story facility in Pembroke Pines, Florida, offering 1,097 units. The second site in Coral Gables, Florida, will expand an existing facility, adding enough capacity for the portfolio to reach 1,500 units upon completion.
After completion, the combined portfolio will total 2,597 units across two properties, with both developments described as fully climate-controlled and offering interior and drive-up access.