Franklin Street's Javier Herrera & Nick Sumpter Secure $16.95M Refinance Loan For St. Petersburg Storage Facility
34th St S
$16,950,000
$265/SF
Building Size
63,745 SF
Asset Type
Self Storage
Closing
Oct 15, 2024
AI
The property asset involved in this transaction is a class-A self-storage facility located at 34th St S, St. Petersburg, covering a total square footage of 63,745 and comprising 738 units. It is currently 100% occupied and was developed in 2023.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $16,950,000
- Lender: Nuveen Green Capital & Credit Union
- Loan Type: Refinance
- Loan Terms: 10 years
- Brokers: Javier Herrera & Nick Sumpter - Franklin Street
The transaction was organized by Javi Herrera of Franklin Street Capital Advisors, who exclusively represented the client in securing a loan comprised of $9,150,000 from a Credit Union and $7,800,000 of CPACE from Nuveen Green Capital.
Players
Saint Petersburg Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93