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.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
