Published: May 22, 2015
South Florida Business Journal
A local development group landed $21.9 million in financing to build two self-storage complexes in Miami-Dade County.
Cleveland-based Jernigan Capital Operating Partnership gave the mortgages to affiliates of Miami City Self Storage LLC, headed by Jan Massirman, Stephen Garchick and Steve McBride. They will help build self-storage facilities of about 100,000 square feet each.
The mortgage on the project at 1100 N.E. 79th Street was increased from $2.5 million to $12.3 million while the mortgage for the project at the northwest corner of Northwest 5th Avenue and Northwest 36th Street was boosted from $1.1 million to $12.3 million.
The company previously announced that it planned to build six self-storage buildings in Miami-Dade, so these are the first two to break ground.