Day: May 11, 2022

Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq. In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates. Dixie Storage SPE, an affiliate of Schulman Properties, broke ground on the facility last month, after landing a $17.8 million construction loan from Pacific Western Bank, public records show. Located at 15699 W. Dixie Highway, in an Opportunity Zone…

Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed. Source