MCSS Development, a developer of urban infill self-storage facilities in urban markets nationwide, says it has closed on a $10.18 million construction loan for its twelfth South Florida development site at 5678 South University Dr. in Davie.
Fifth Third Bank awarded MCSS the loan to build a 100,000-sq. ft. self-storage facility. The urban infill project will include more than 1,000 climate-controlled storage units. A national Real Estate Investment Trust will manage the facility.
“This puts MCSS clearly on track to reaching its goal of 15 or more urban infill self-storage projects in South Florida,” said managing partner Jay Massirman. “That said, going forward, we are being very mindful and cautious on our underwriting, rents and rising competition.”
MCSS is a joint venture between real estate industry veterans Massirman, Stephen Garchik, Steve McBride and self-storage consultant David Blum to develop and asset-manage urban infill self-storage facilities within densely populated locations across the country.