Aztec Group Arranges $22 Million In Financing For Miami Self-Storage Facility

Aztec Group‘s Peter Mekras has arranged $22.0 million in financing for Palmetto Bay Storage in Miami.

The financing was provided by BridgeInvest, a Miami-based private lending firm specializing in commercial real estate financing solutions.

Palmetto Bay Storage is a 100% climate-controlled, 4-story self-storage building consisting of approximately 1,116 storage units or 100,250 rentable square feet inclusive of 2,420 square-foot freestanding commercial space.

Palmetto Bay Storage was developed by The Feldman Companies in 2022.  Led by Mitch and Jordan Feldman, The Feldman Companies is based in North Miami Beach and has over 26 years of real estate track record of having owned and developed over 4 million square feet of real estate across the United States.  The Feldman Companies also owns 120,000 square feet in Miramar, 108,700 square feet in Parkland, 72,900 square feet in Tamiami, and is developing 135,700 square feet in Miami’s Little River, 125,000 square feet as an expansion to Palmetto Bay, and 112,200 square feet in Naranja.

Aztec Group was engaged on an exclusive basis to source financing for Palmetto Bay Storage.  The financing opportunity for Palmetto Bay Storage was awarded to a diversified debt fund and features a floating rate on a nonrecourse basis.

“Self-storage continues to demonstrate strong fundamentals across South Florida, particularly in supply-constrained submarkets with favorable demographics like Palmetto Bay,” said Alex Horn, managing partner and founder of BridgeInvest. “This transaction aligned well with our lending strategy as demand for flexible capital solutions continues across stabilized and high-performing assets.”

Palmetto Bay Storage is located in the exclusive village of Palmetto Bay, in a highly active 3-mile trade area featuring over 13 million square feet of retail and industrial space.  The state-of-the-art facility is managed by Extra Space, the largest self-storage owner & operator in the U.S. controlling over 300 million square feet in over 4,000 self-storage facilities.