A self-storage real estate investment firm secured $75 million in construction financing for Florida self-storage properties.
Storage Units Capital announced that it has secured a $75 million construction loan through Beal Bank and Crow Holdings for the development of Class A self-storage properties in submarkets of Orlando and Tampa.
The company plans to utilize the loan proceeds to build approximately 4,000 units at five properties located in Fort Myers, Fort Pierce, Vero Beach, Sebring and Cocoa. The facilities will offer an array of modern features, including climate-controlled units, interior drive-through unloading zones, covered canopy boat/RV parking, drive-up storage and some retail/office space.
“We are pleased to have secured financing in today’s challenging environment on favorable terms for the construction of five state-of-the-art self-storage facilities,” said Sean Casterline, channel marketing director for Storage Units Capital. “The properties are strategically positioned along major thoroughfares and in densely populated regions that continue to benefit from economic growth, and we have purposefully designed them to optimize tenant demand.”
Equity for the projects was provided by Storage Units Income Fund II, an affiliate of the company, that is actively raising equity from accredited investors in support of its strategy to make ongoing investments in the development of new, Class A self-storage facilities predominantly located in high-demand markets in the southern part of the United States.
Storage Units Income Fund II securities are offered through Arete Wealth Management LLC and is being conducted pursuant to Rule 506(c) of Regulation D.
Storage Units Capital is a self-storage real estate investment and management firm that specializes in the development, acquisition, and management of state-of-the-art self-storage facilities across the southeast United States. Storage Units Capital aims to provide modern, never-before-seen features for its users and income and growth potential for its investors.
