Joseph Margolis Of Extra Space Storage Provides $22.87M Construction Loan For 3Lakes-FL Owner LLC
$22,870,000
Building Size
—
Asset Type
Development Site
Closing
Jul 7, 2025
AI
A construction loan amounting to $22,870,000 was provided by Extra Space Storage for the development of a self-storage facility. The project will be located on a development site at the intersection of Southwest 130th Street and Southwest 124th Avenue, occupying 1.6 acres with a total square footage of 116,902. The facility is part of Miami's expanding self-storage market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,870,000
- Lender: Joseph Margolis - Extra Space Storage
- Landlord: Shane C. Albers - 1784 Holdings - 3Lakes-FL Owner LLC
- Loan Type: Construction
- Note: The loan includes a profit-sharing clause on future resale, reflecting strong investor demand in Miami’s booming self-storage market.
Key individuals involved in the transaction include Joseph Margolis, representing Extra Space Storage as the lender, and Shane C. Albers, representing 1784 Holdings and 3Lakes-FL Owner LLC as the landlord. Their collaboration facilitates the development of a substantial self-storage facility in the Kendall area.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93