Extra Space Capital Provides $22M Refinance Loan For Palmetto Bay Self-Storage Property
17500 West Cleveland Avenue, Miami, Florida 33157, United States
$22,000,000
$134/SF
Building Size
164,000 SF
Asset Type
—
Closing
Feb 15, 2022
About this deal
AI
An investment property located at 17650 Cleveland Ave in Palmetto Bay, Miami has recently undergone a refinancing transaction. The property is a self-storage facility with a total square footage of 164,000. The asset type is categorized as self-storage, providing storage spaces for personal and commercial use.
Summary of transaction details
- Property Type: Self-Storage
- Transaction Amount: $22,000,000
- Address: 17650 Cleveland Ave, Palmetto Bay, Miami
- Market: Palmetto Bay, Miami
- Asset Type: Self-Storage
- Square Footage: 164,000
The lending institution involved in the refinancing is Extra Space Capital - represented by Irena Edwards as their loan officer. On the other hand, Mitchell Feldman and Justin Crow of The Feldman Companies are the landlords and owners of the property. They have facilitated the refinancing process to unlock the value of the self-storage facility.
Players
Palmetto Bay CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93