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Sanjay Patel, Neal Patel & Hiren Patel Acquire Self Storage Property In West Palm Beach For $8.8M

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FINANCED
$8,800,000
Sanjay Patel
Hiren Patel
Neal Patel

Florida

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135,000 SF
Financed 01/17/2022
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FINANCED

Sanjay Patel, Neal Patel & Hiren Patel Acquire Self Storage Property In West Palm Beach For $8.8M

1460 Cherry Road, West Palm Beach, Florida 33409, United States

See Similar Deals
135,000 SF
Financed 01/17/2022
Sanjay Patel
Hiren Patel
Neal Patel
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Price Per Square Foot:$65
Total Square Footage:135,000 SF
Transaction Type:Loan

A self storage property located at 1460 Cherry Road in West Palm Beach has been recently involved in a closed transaction. The property boasts a total area of 135,000 square feet and is categorized as a self storage asset. This transaction took place on January 17, 2022.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $8,800,000
  • Address: 1460 Cherry Road, West Palm Beach
  • Market: West Palm Beach
  • Landlord: Sanjay Patel, Neal Patel, and Hiren Patel - MHG Hotels
  • Loan Type: New Construction Loan

The key individuals and companies involved in this transaction include the landlords, Sanjay Patel, Neal Patel, and Hiren Patel, who represent MHG Hotels. They own the property and are responsible for managing it. Additionally, it is worth noting that more information about this property and the landlords can be found on the website of MHG Hotels www.mhghotelsllc.com.

Details

FINANCED
IMAGE: Hiren Patel, Sanjay Patel & Neal Patel DATE: 01/17/2022 ADDRESS: 1460 Cherry Road MARKET: West Palm Beach ASSET TYPE: Self Storage ~ SF: 135,000 LANDLORD: Sanjay Patel, Neal Patel & Hiren Patel - MHG Hotels (@MHGHotels) LOAN AMOUNT: $8,800,000 LOAN TYPE: New Construction Loan NOTE FROM LANDLORD: www.mhghotelsllc.com

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,800,000.00

Monthly NOI$58,666.67
Monthly Debt Service$55,621.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00