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.