Alexander Rosemurgy II And Norman Schulman Secure $14M Construction Loan For Self-storage Facility In Coconut Creek

The property asset involved is a development site located at 4868 Coconut Creek Parkway in Coconut Creek, consisting of 1.09 acres. The site is designated for a self-storage facility covering 92,985 square feet, which is currently being developed. The project is backed by a construction loan amounting to $14 million from Seacoast National Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,000,000
• Address: 4868 Coconut Creek Parkway
• Market: Coconut Creek
• Asset Size: 1.09 Acres
• Lender: Seacoast National Bank
• Landlord: Alexander Rosemurgy II - Rosemurgy Properties
• Landlord: Norman Schulman - Sentry Self Storage
• Vacancy Rate: 6.2%
• Rent per Square Foot: $1.53

The deal was led by Alexander Rosemurgy II and Norman D. Schulman, both significant figures in the real estate market. This project aims to address the demand within South Florida’s self-storage sector, highlighting the active engagement of these developers in the region's real estate landscape.