Marcus & Millichap Capital Corp. (MMCC) has secured $14.5 million in construction financing for the development of a 1,038-unit self-storage facility at 1995 N.E. 8th St. in Homestead, about 32 miles south of Miami.
The 135,800-square-foot property will operate as an Extra Space Storage facility.
Robert Bhat of MMCC’s Miami office arranged the five-year loan through a local bank on behalf of the borrower, an undisclosed self-storage developer.
The loan features a floating interest rate underwritten as 250 basis points above 1-month SOFR for the first three years with 36 months of interest-only payments.
