Ready Capital Secures $9.3M Loan For Self Storage Units In Miami Beach
633 Alton Road
15,000 SF
Financed 1 year ago
Summary
On November 23, 2021, a closed transaction took place involving a self-storage property located at 633 Alton Road in Miami Beach. The property consists of 696 units and was the subject of an acquisition, renovation, and stabilization deal.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $9,300,000
- Market: Miami Beach
- Loan Type: Acquisition, Renovation & Stabilization
- Loan Terms: The non-recourse, interest-only, floating-rate loan features a 48-month term
- Landlord: Ready Capital - David A. Cohen
David A. Cohen, representing Ready Capital, played a key role in the transaction as the landlord. The loan, amounting to $9,300,000, was used to acquire and enhance the self-storage property. The non-recourse loan features interest-only payments and a floating interest rate. It has a 48-month term, allowing for a suitable timeframe for repayment and stabilization.
Details
View on map
Loading...
633 Alton Road
Comparables
Reset filters to show results.