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.