Ready Capital Secures $9.3M Loan For Self Storage Units In Miami Beach
633 Alton Road, Miami Beach, FL 33139
$9,300,000
$620/SF
Building Size
15,000 SF
Asset Type
—
Closing
Nov 23, 2021
About this deal
AI
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.
Players
Miami Beach CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.71%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93