Marcus & Millichap Arranges $14.5 Million Construction Financing For Development Site In Homestead

A construction loan of $14,500,000 was arranged for a development site located at 1995 Northeast 8th Street in Homestead, Florida. The asset spans approximately 135,800 square feet and encompasses a 1,038-unit self-storage facility. The financing comes with a 5-year term, featuring a floating rate of 1-month SOFR + 2.50% for the initial three years, along with 36 months of interest-only payments.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $14,500,000
• Address: 1995 Northeast 8th Street
• Market: Homestead
• Asset Size: 135,800 square feet
• Broker: Robert Bhat - Marcus & Millichap
• Loan Type: Construction
• Loan Terms: 5-year term with a floating rate of 1-month SOFR + 2.50% for the first three years and 36 months of interest-only payments.

Marcus & Millichap Capital Corporation facilitated the financing through a local bank, specifically catering to the needs of this self-storage project. Robert Bhat acted as the broker in this transaction, representing the interests of the involved parties while securing the substantial construction financing.