A self-storage facility will soon rise along Interstate 595 in Davie after a developer obtained a $13 million construction loan.
Valley National Bank (NYSEL VLY) awarded the mortgage to Prestige Duke JV II LLC, a Pembroke Park-based company managed by Sam Jazayri. It covers the 6.4-acre site at the southwest corner of State Road 84 and Bright Road. It’s just west of the Nob Hill Road exit of Interstate 595.
The project is just the latest self-storage development in South Florida. There has been a boom of self-storage construction across the tri-county region to serve the growing population, especially as more people move into smaller homes that don’t have room for all of their belongings.
The developer previously obtained approval to build 183,000 square feet of self-storage on the property. There would be two buildings, with the tallest rising four stories. It was designed by Boca Raton-based architect Plana International.
Prestige Duke JV II acquired the property for $2.1 million in 2009.
SAR Apartment Capital LLC is a national multifamily investment firm with over $130,000,000 of assets under management.