Walker & Dunlop, Inc. announced today that it structured $9,800,000 in financing for the construction of SpareSpace Storage. Located in the Wynwood/Allapattah neighborhood of Miami, Florida, the self-storage facility will be completed by the summer of 2019.
Leading Walker & Dunlop’s Capital Markets Team, Ft. Lauderdale-based Marty McGrogan and Niki Perez worked with Howard Pryor and Travis Prince of Generation4 Partners LLC, the sponsor, to place the debt assignment. Based in Ft. Lauderdale, Florida, Generation4 specializes in self storage and mixed-use commercial development in Florida’s major markets. The company is focused on developing a portfolio containing over 1 million square feet of net rentable area in the coming years.
Mr. McGrogan, Vice President, stated, “It was fun and a great honor to work on this deal for Howard and Travis as they start their new G4 venture. They found a great piece of dirt with incredible visibility, which created good demand for their business and financing plan.”
“Marty and Niki did a great job of running a competitive process to deliver the best possible debt terms for our investment,” added Mr. Pryor, President at Generation4 Partners. “We are excited to build a state-of-the-art project in the path of progress in Miami’s urban core.”
SpareSpace Storage is ideally positioned within the Wynwood market, which is experiencing incredible population growth fueled by new condo and rental projects with small unit sizes that will fuel demand for self-storage use. One of the major drivers for the SpareSpace Storage development is Mana Wynwood, a 23.6-acre assemblage that will include 10 million square feet of commercial, civic, and residential units. With many other projects underway in the area, this location is well positioned to serve current and expected future growth.
The property, located less than a mile from Mana Wynwood, will consist of a seven-story, fully climate-controlled building that will feature controlled access storage units, as well as personal and commercial wine storage spaces in a highly secure section of the building. The location will provide 60 vertical feet of visibility above I-95, in addition to exposure to over 380,000 car trips each day.
Walker & Dunlop’s Capital Markets team has deep relationships with capital providers across the country including banks, life insurance companies, and CMBS conduits. In 2017, Walker & Dunlop closed $7.3 billion in brokered loan originations, compared to $4.2 billion in 2016, a 75 percent increase. To learn more about Walker & Dunlop’s diverse array of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.