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MIAMI — Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units.
An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage, a locally based owner-operator. The firm will use the three-year loan to refinance construction debt and also finance the phased buildout of the facility.
David DiRienzo, John Chase, Jim Davies, Ivan Viramontes, and Thalia Tovar of Talonvest Capital originated the loan, which features interest-only payments for the life of the loan with two 12-month extension options.