Updated Dec 4, 2024
H&M Development & Blue Vista Capital Secure $18M Construction Loan In Hialeah
2401 Okeechobee Road
$18,000,000
Building Size
—
Asset Type
Self Storage
Closing
Apr 30, 2024
About this deal
AI
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.
On the Map
$18,000,000
Self Storage
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Players
Hialeah Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93