Affinius Capital, in partnership with Axonic Capital, announced the origination of a $42.5 million loan to finance a two-property self-storage portfolio in the Miami metropolitan area.
The first property, located in Pembroke Pines, Fla., is a to-be-built, four-story facility that will offer 1,097 units. The second, located in Coral Gables, Fla., involves a 540-unit expansion of an existing self-storage facility, bringing the total to 1,500 units upon completion.
The borrower, UTEX Storage Partners, is a privately held, Dallas- and Draper-based real estate development and investment firm focused exclusively on the U.S. self-storage sector. The transaction marks the fifth closing of a strategic partnership between Affinius and Axonic designed to deliver mid-market first mortgage financing for new development projects.
Tyler Figley, senior vice president at Affinius Capital, commented, “This transaction reflects our continued focus on institutional-quality self-s
