Uovo Art Storage Secures $11.44M Construction Loan For Museo Vault In West Palm Beach. East West Bank Lends
4200 Westgate Avenue
$11,440,000
Building Size
—
Asset Type
Other
Closing
May 11, 2023
AI
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
Miami Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.39%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93