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H&M Development & Blue Vista Capital Secure $18M Construction Loan In Hialeah

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FINANCED
$18,000,000

Florida

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Self Storage
Financed 04/30/2024
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Property Image
FINANCED

H&M Development & Blue Vista Capital Secure $18M Construction Loan In Hialeah

2401 Okeechobee Road

See Similar Deals
Self Storage
Financed 04/30/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Self Storage
Transaction Type:Loan

The property at 2401 West Okeechobee Road in Hialeah is set to undergo development as a self-storage facility on a two-acre site. The $18 million construction loan from Old National Bank will fund the project, which includes plans for a 113,000-square-foot, three-story facility with 1,025 climate-controlled storage units. Hialeah Storage Associates, led by H&M Development and Blue Vista Capital Management, will oversee the development, with architect Kenneth Carlson designing the facility.

Summary of transation details:

  • Property Type: Self Storage
  • Transaction Amount: $18,000,000
  • Market: Hialeah
  • Acres: 2
  • Lender: Old National Bank
  • Landlord: Harry Dornbusch - H&M Development; Robert G. Byron - Blue Vista Capital Management

H&M Development and Blue Vista Capital Management have a broader self-storage development plan in South Florida, supported by a $100 million fund. This project in Hialeah, along with others like it, is part of their strategic expansion in the region.

Players

Old National Bank
Old National Bank
LENDER

Details

FINANCED
IMAGE: Harry Dornbusch & Robert G. Byron DATE: 04/30/2024 ADDRESS: 2401 West Okeechobee Road MARKET: Hialeah ASSET TYPE: Self Storage ~ ACRES: 2 LENDER: Old National Bank LANDLORD: Harry Dornbusch - H&M Development; Robert G. Byron - Blue Vista Capital Management LOAN AMOUNT: $18,000,000 LOAN TYPE: Construction Loan NOTE: Hialeah Storage Associates, backed by H&M Development and Blue Vista Capital Management, secured an $18 million construction loan from Old National Bank to build a self-storage facility on a two-acre site at 2401 W. Okeechobee Road. The project, approved for a 113,000-square-foot, three-story facility with 1,025 climate-controlled storage units, will be designed by architect Kenneth Carlson. H&M Development and Blue Vista have a broader self-storage development plan, with proceeds from a $100 million fund supporting projects like this in South Florida, including Hialeah Gardens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$18,000,000.00

Monthly NOI$120,000.00
Monthly Debt Service$113,772.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00