The RRA Capital team successfully acquired and expanded a self-storage facility in Palm Shores, Florida. The property, originally built in 2021, served as the foundation for the expansion project. At the time of purchase, the facility was comprised of 232 units, encompassing a total area of 100,000 square feet.  

Notably, 92 of these units were climate-controlled, offering customers the convenience of temperature-regulated storage spaces to safeguard their belongings. The expansion phase aimed to add more units, boosting the total capacity to over 600.

RRA Capital played a pivotal role in both the acquisition and expansion of the self-storage facility by providing an $11 million non-recourse, interest-only loan. This well-structured loan includes two extension options, offering flexibility for the sponsor's future plans. The financing package covers the acquisition costs and includes a follow-on facility for capital expenditures associated with the expansion. To ensure smooth progress and financial stability during the construction phase, RRA Capital established an interest reserve, supplementing cash flow.

The sponsor also boasts an impressive asset management portfolio, currently overseeing $100 million in assets. Their extensive experience and expertise in managing diverse real estate ventures contribute significantly to the success and growth potential of the facility.