Ready Capital Secures $9.3M Loan For Self Storage Units In Miami Beach

On November 23, 2021, a closed transaction took place involving a self-storage property located at 633 Alton Road in Miami Beach. The property consists of 696 units and was the subject of an acquisition, renovation, and stabilization deal.

Summary of transaction details

• Property Type: Self Storage
• Transaction Amount: $9,300,000
• Market: Miami Beach
• Loan Type: Acquisition, Renovation & Stabilization
• Loan Terms: The non-recourse, interest-only, floating-rate loan features a 48-month term
• Landlord: Ready Capital - David A. Cohen

David A. Cohen, representing Ready Capital, played a key role in the transaction as the landlord. The loan, amounting to $9,300,000, was used to acquire and enhance the self-storage property. The non-recourse loan features interest-only payments and a floating interest rate. It has a 48-month term, allowing for a suitable timeframe for repayment and stabilization.