ACRES, a leading commercial real estate middle-market lender, has originated a $16 million loan to fund the development of Nona Cove Self Storage in Orlando.
The property comprises 98,448 net rentable square feet to be developed into an Extra Space self-storage building containing 1,046 climate controlled self-storage units and 7,593 net rentable square feet of ground floor retail space. The Extra Space self-storage development will be one element of a mixed-use multifamily and retail development called FUTURA @ Nona Cove.
“The Lake Nona area is considered an exceptional market to develop as self-storage doesn’t currently exist within a three-mile radius of the area,” said ACRES Chief Executive Officer and President Mark Fogel. “We are pleased to partner with a sponsor possessing strong knowledge of this market and the foresight to contribute to the planned growth of Lake Nona.”
This project is well situated close to Orlando International Airport and Lake Nona Medical City – a 650-acre life sciences park designed with a long-term vision of creating a centralized and sophisticated medical treatment, research, and education facility in Central Florida.
The Lake Nona area is experiencing a development boom alongside an expected significant increase of residents. Expansion plans feature millions of square feet of commercial space, thousands of hotel rooms, and more than 100 retail shops and restaurants.
The loan was provided to FUTURA, a private real estate investor and development company dedicated to the acquisition and creation of unique, design focused, and financially sustainable mixed-use lifestyle centers. The loan was arranged by Steve Liebert of CCM Commercial Mortgage and originated by James Bracco of ACRES’ Miami office.
