$20M Construction Loan Secured For Fort Lauderdale Self-Storage Development
JLL Capital Markets has arranged a $20 million construction loan for Tarpon River Self Storage, a 97,862-square-foot, Class A self-storage development in Fort Lauderdale.
JLL represented the borrower, Urban Street Development, to secure the construction loan through Pinnacle Financial Partners and Synovus, represented by Will Ruiz. Urban Street Development acquired the land in December 2022.
Tarpon River Self Storage will comprise 1,070 units in a five-story, Class A facility. All units will be 100% climate-controlled, a premium feature in South Florida’s humid climate.
The property is located at 201 SW 14th St. in Fort Lauderdale’s Tarpon River neighborhood. The 1.82-acre site sits approximately 1.8 miles from downtown Fort Lauderdale and 1.5 miles from Rio Vista, one of the city’s wealthiest neighborhoods with home prices exceeding $5 million. It is also two blocks from Davie Blvd., which carries approximately 32,000 vehicles per day.
The property serves a population of more than 127,000 within three miles. Fort Lauderdale’s self-storage market has maintained occupancies above 90%, with annual rental growth of approximately 5% to 7%.
The JLL Capital Markets Debt Advisory team was led by Senior Director Michael DiCosimo, Director Max Lescano and Analyst Luke Maganas.
“Tarpon River Self Storage builds on Urban Street Development’s strong track record for shaping the Fort Lauderdale with best-in-class developments,” said DiCosimo. “The infill Fort Lauderdale location and Urban Street reputation demanded strong loan terms in a competitive process. This property will be a great success.”
Key Facts
- Property: Tarpon River Self Storage
- Location: 201 SW 14th St., Fort Lauderdale’s Tarpon River neighborhood
- Asset Type: Class A self-storage development
- Transaction Type: Construction financing
- Developer/Borrower: Urban Street Development
- Size: 97,862 square feet; 1,070 units; 1.82-acre site
- Financing: $20 million construction loan through Pinnacle Financial Partners and Synovus
- Brokers: JLL Capital Markets’ Michael DiCosimo, Max Lescano and Luke Maganas represented the borrower; Will Ruiz represented the lenders
- Other Notable Details: Five-story facility with all units climate-controlled; land acquired in December 2022