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.