UTEX Storage Partners has closed on a $42.5 million construction loan to support a two-property self-storage portfolio in the Miami metropolitan area. The loan will fund both ground-up development and expansion activity across two locations serving the broader Miami region.
Affinius Capital and Axonic Capital originated the construction financing. The capital stack was arranged by Daniel Hartnett of Greysteel, who structured the loan for UTEX Storage Partners. The financing package is dedicated to advancing a climate-controlled, multi-story self-storage program across the two assets.
The first property in the portfolio is located in Pembroke Pines, FL. Plans call for a to-be-built, four-story self-storage facility that will deliver 1,097 units upon completion. The building is expected to comprise 100,125 square feet and is designed as a modern storage facility, with all spaces fully climate-controlled.
The second property in the portfolio is in Coral Gables, FL, where the financing will support the expansion of an existing self-storage facility. The project involves adding 540 units, bringing the total unit count at the Coral Gables location to 1,500 units when the expansion is completed. The expanded asset will consist of two three-story buildings totaling 132,995 square feet.
Across the two properties, the completed portfolio will comprise 2,597 self-storage units in the Miami metropolitan area. The Pembroke Pines facility will be configured as a four-story building offering climate-controlled units, while the Coral Gables location will span two three-story buildings. Both assets are planned with fully climate-controlled interiors.
According to the project details, all storage spaces in the portfolio will feature interior and drive-up access. The facilities are also being planned with modern loading features intended to support efficient customer access and on-site circulation. These design elements are part of the broader program to position the two properties as contemporary, full-service self-storage facilities within the Miami metro.
The loan closing enables UTEX Storage Partners, described as a self-storage developer, to move forward with both ground-up construction in Pembroke Pines and the significant expansion in Coral Gables. The combined projects will meaningfully increase the supply of climate-controlled, easily accessible storage units across these two locations once construction and expansion activities are completed.
