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Uovo Art Storage Secures $11.44M Construction Loan For Museo Vault In West Palm Beach. East West Bank Lends

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FINANCED
$11,440,000

Florida

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Financed 05/11/2023
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FINANCED

Uovo Art Storage Secures $11.44M Construction Loan For Museo Vault In West Palm Beach. East West Bank Lends

4200 Westgate Avenue

See Similar Deals
Other
Financed 05/11/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Other
Transaction Type:Loan

Art and archival storage company Uovo Art Storage has secured an $11.44 million construction loan from East West Bank to fund the construction of a new facility near West Palm Beach. The project, known as Museo Vault, will span 50,000 square feet and will be situated at 4200 Westgate Blvd, in proximity to Palm Beach International Airport.

Summary of transaction details

  • Property Type: Storage Facility
  • Transaction Amount: $11,440,000
  • Address: 4200 Westgate Boulevard
  • Market: West Palm Beach
  • Landlord: Uovo Art Storage - Steven Guttman
  • Lender: East West Bank
  • Loan Type: Construction Loan
  • Loan Terms: Seven years
  • Asset Type: Storage Facility
  • Acres: 1.4

Steven Guttman, representing Uovo Art Storage, facilitated the loan from East West Bank for the construction of the Museo Vault. The art and archival storage company is set to expand its presence by developing the new facility near West Palm Beach.

Players

East West Bank
East West Bank
LENDER
Steven Guttman
Steven Guttman
4 deals$96.6M volume
LANDLORD
Steven Guttman
Steven Guttman
4 deals$96.6M volume
LANDLORD
Steven Guttman
Steven Guttman
4 deals$96.6M volume
LANDLORD

Details

FINANCED
IMAGE: Steven Guttman DATE: 05/11/2023 ADDRESS: 4200 Westgate Boulevard MARKET: West Palm Beach ASSET TYPE: Storage Facility ~ ACRES: 1.4 LENDER: East West Bank (@EastWestBank.US) LANDLORD: Uovo Art Storage - Steven Guttman (@SjGutts) LOAN AMOUNT: $11,440,000 LOAN TYPE: Construction Loan LOAN TERMS: Seven year NOTE: Art and archival storage company Uovo Art Storage has commenced construction on a new facility near West Palm Beach, following the approval of an $11.44 million construction loan from East West Bank. The project, called Museo Vault, will encompass 50,000 square feet and will be located at 4200 Westgate Blvd, close to Palm Beach International Airport.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,440,000.00

Monthly NOI$76,266.67
Monthly Debt Service$72,308.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00