Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self storage facility in the Miami suburb of Aventura. Glendale, California-based self storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units.
Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South Florida-based America’s Capital Partners. The nonrecourse, fixed-rate loan will be interest-only for the full 10-year term.
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