Jordan Roeschlaub

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MIAMI—Newmark Knight Frank has arranged a $44.3 millionfloating-rate loan for Miami City Self Storage (MCSS) for therefinance of three self-storage facilities in Southern Florida. Twoare in Miami and one is in Fort Lauderdale. The three facilitiescombine for a total of 1,836 units and 237,044 square feet.

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"Although the market is starting to see some pockets ofover-supply, occupancy rates in the submarkets these assets arelocated remain strong," Jordan Roeschlaub, Newmark Knight Frank'svice chairman and co-head of debt and structured finance, tellsGlobeSt.com.

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"Miami went so far as to put a moratorium on new self-storageproduct, which will certainly serve to limit additional newcompetition. However, we found the submarkets where the subjectproperties were located exhibited strong current and expectedfuture demand drivers such as continued residential development.Therefore, we received great lender interest."

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The three 100% climate-controlled facilities opened in mid-late2018 and are currently in the process of a successful ramp-up tostabilization. The Miami properties are both managed by CubeSmart,one of the nation's leading self-storage operators. The FortLauderdale property is managed by Public Storage, the largestself-storage operator globally.

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Miami City Self Storage (MCSS) is a joint venture betweenRivergate Companies and SJM Partners, which was formed by industryveterans Jay Massirman, Steve Garchik & Steve McBride todevelop urban infill self-storage facilities in high-valuelocations nationwide. MCSS currently has two million square feet ofself-storage facilities in various stages of development andlease-up. Current markets for MCSS include South Florida, New York,Boston, Los Angeles and Northern California.

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