Self Storage - Equity

Northmarq arranges $8,651,216 in joint venture equity for Dixie Self Storage in North Miami Beach, Florida

MIAMI LAKES, FLORIDA (May 5, 2022) – Ory Schwartz, senior vice president/managing director in Northmarq’s Los Angeles office collaborated with Bob Harrington, vice president in Northmarq’s Miami Lakes debt/equity office, to negotiate joint venture equity financing of $8,651,216 for Dixie Self Storage. The 1,068-unit self-storage property is located 15699 West Dixie Highway in North Miami Beach, Florida. The joint venture is structured with a 10-year term. 

This financing solution was delivered by two Northmarq offices coming together on behalf of the client. The Miami Lakes office had a relationship with the land sales broker, and the Los Angeles office with the buyer/developer. With the site located in an opportunity zone, the sponsor required a long-term equity partner to capture all the tax benefits. Northmarq identified an opportunity zone fund that reacted quickly, including a site visit the day after being informed of the project.  

“This was the sponsor’s first self-storage development in Florida, and the two paired well together to work through the design process, secure attractive construction financing, and will ultimately deliver a very successful self-storage property,” said Harrington. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.