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Franklin Street's Javier Herrera & Nick Sumpter Secure $16.95M Refinance Loan For St. Petersburg Storage Facility

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FINANCED
$16,950,000
Javier Herrera
Nick Sumpter

Florida

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Self Storage63,745 SF
Financed 10/15/2024
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FINANCED

Franklin Street's Javier Herrera & Nick Sumpter Secure $16.95M Refinance Loan For St. Petersburg Storage Facility

34th St S

See Similar Deals
Self Storage63,745 SF
Financed 10/15/2024
Javier Herrera
Nick Sumpter
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Self Storage
Price Per Square Foot:$265
Total Square Footage:63,745 SF
Transaction Type:Loan

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:

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

Javier Herrera
Franklin Street
Javier Herrera
9 deals$389.4M volume(305) 733-1944
BROKER
Nick Sumpter
Franklin Street
Nick Sumpter
6 deals$59.4M volume(813) 682-6193
BROKER
Nuveen Green Capital
Nuveen Green Capital
LENDER

Details

FINANCED
IMAGE: Javier Herrera & Nick Sumpter DATE: 10/15/2024 ADDRESS: 34th St S MARKET: St. Petersburg ASSET TYPE: Self Storage ~ SF: 63,745 LENDER: Nuveen Green Capital & Credit Union BROKERS: Javier Herrera & Nick Sumpter(@NSumpter9) - Franklin Street (@FranklinStreet.CRE) LOAN AMOUNT: $16,950,000 LOAN TYPE: Refinance LOAN TERMS: 10 years NOTE FROM BROKER: The property involved is a class-A, 100% occupied, Storage facility located in St. Petersburg, FL, comprising of 738 units, developed in 2023. The transaction brokered by Javi Herrera of Franklin Street Capital Advisors who exclusively represented his client, originated a $16,950,000 loan comprised of $9,150,000 from a Credit Union and $7,800,000 of CPACE from Nuveen Green Capital.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,950,000.00

Monthly NOI$113,000.00
Monthly Debt Service$107,135.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00