Affinius Capital, Axonic Capital Provide $43M Refi for Miami Self-Storage Properties – Commercial Observer
UTEX Storage Partners has secured a $42.5 million loan to refinance a two-property self-storage portfolio in Miami-area cities Coral Gables, Fla. and Pembroke Pines, Fla., Commercial Observer can first report.
Affinius Capital and Axonic Capital provided the debt — the fifth such joint origination between the two firms — while Greysteel’s Daniel Hartnett arranged the transaction.
The facility located in Pembroke Pines will be four stories and feature 1,097 units, while the Coral Gables facility will expand from just under 1,000 units to 1,500 following the refinancing.
Tyler Figley, Affinius Capital senior vice president, described both assets in a statement as “institutional-quality self-storage” properties and noted that the two cities near Miami are both supply-contrained for self-storage facilities and have exhibited “sustained population growth.”
“Both properties are well-positioned in high-visibility locations serving premier residential areas with limited new self-storage supply,” said Figley.
Brian Pascus can be reached at bpascus@commercialobserver.com.
