Locality Bank Provides $11.37M Construction Loan For Self-Storage Facility In Plantation By Compson

Locality Bank has provided an $11.37 million construction loan to Compson of Plantation for a 124,860-square-foot, three-story self-storage facility at 1481 N.W. 65th Ave. in Plantation. The loan secures the 2-acre site, reflecting the growing demand for self-storage in South Florida's multifamily market, with self-storage rent increasing 6.1% year-over-year to $176 for a standard 10-foot-by-10-foot unit, according to RentCafe.

Summary of transaction details

• Property Type: Self Storage
• Transaction Amount: $11,370,000
• Address: 1481 Northwest 65th Avenue
• Market: Plantation
• Square Footage: 124,860
• Acres: 2
• Lender: Locality Bank
• Landlord: Compson - Robert Bishop

The construction loan was facilitated by Locality Bank and provided to Compson of Plantation for the development of a 124,860-square-foot self-storage facility. The loan amount of $11.37 million secures the 2-acre site located at 1481 N.W. 65th Ave. in Plantation. The demand for self-storage in South Florida's multifamily market is evident, with increasing self-storage rent rates of 6.1% year-over-year, reaching $176 for a standard 10-foot-by-10-foot unit, as reported by RentCafe.