Updated Dec 4, 2024
TD Bank Provides $10.36M Construction Loan To William Warren Properties For Miami Lakes Development Site
16401 Northwest 58th Avenue
$10,360,000
Building Size
—
Asset Type
Development Site
Closing
Dec 18, 2023
About this deal
AI
A new StorQuest self-storage facility is set to be developed in Miami Lakes, following a $10.36 million construction loan provided by TD Bank to 16401 NW 58th SP LLC. The facility, which will be located at 16401 Northwest 58th Avenue, will span approximately 1.42 acres of land. With three stories and around 800 storage units, it aims to cater to the growing demand in South Florida's multifamily market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,360,000
- Address: 16401 Northwest 58th Avenue
- Market: Miami Lakes
- Landlord: William Warren Properties - William Warren Hobin
- Lender: TD Bank
- Loan Type: Construction Loan
This project is being undertaken by 16401 NW 58th SP LLC, an affiliate of California-based developer William Warren Properties. The loan from TD Bank provides the necessary financing for the construction of this new self-storage facility, addressing the rising demand in the multifamily market of South Florida.
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$10,360,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.53%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93