Storage Units Capital Secures $75 Million Construction Financing for Florida Sites
Storage Units Capital, a self-storage real estate investment firm, secured a $75 million construction loan through Beal Bank and Crow Holdings for the development of five Class A self-storage properties in submarkets of Orlando and Tampa.
“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.”
The company plans to utilize the loan proceeds to build approximately 4,000 units at 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.
Equity for the projects was provided by Storage Units Income Fund II, an affiliate of the company. The fund is actively seeking to raise $25 million from accredited investors in support of 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.
In May 2024, the fund increased the additional preferred return to 5% for investments made on or after May 1. Additionally, it lowered the ongoing management, acquisition, disposition, and advisory fees by a total of 5%.
Storage Units Income Fund II securities are offered through Arete Wealth Management LLC and are 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. It currently manages more than 6,500 units with more than $200 million in assets under management.
For more Storage Units Capital Partners news, please visit their directory page.
