TAMPA, Fla. (March 28, 2023)— A Lake-Mary-based developer is breaking floor on two self-storage amenities to maintain up with demand within the quickly rising Florida market. Flagship Firms Group, in a three way partnership with Blue Vista Capital Administration, has damaged floor on a 702-unit self-storage facility in Land O’Lakes and a 660-unit self-storage facility in Cocoa, Florida.
The three way partnership secured a $10.5 million mortgage from American Momentum Financial institution to start building on the Land O’ Lakes property, and an $8.5 million mortgage to assemble the Cocoa facility, additionally from American Momentum Financial institution. Flagship Firms is the developer and basic contractor on each tasks.
“While you take a look at the inhabitants development in these areas in opposition to the present provide of self-storage models, there’s a demand that isn’t being met,” stated Ted Bolin, CEO of Flagship Firms Group, LLC. “Florida is a state that’s attracting a big influx of residents post-pandemic, and we’re seeing quite a lot of new bed room communities pop up in Cocoa alongside the I-95 hall and in Pasco County alongside I-75.”
Flagship broke floor on the Cocoa facility earlier this month. Situated at 3854 W. King Avenue, the 75,156-square-foot self-storage facility will carry 660 climate-controlled self-storage models to the market. Development is anticipated to be accomplished in April 2024.
The 92,503-square-foot Land O’Lakes facility will add 632 climate-controlled models and 70 non-climate-controlled models to the rising Pasco County market. The property is positioned on the intersection of U.S. 41 and Swans Touchdown Drive and is anticipated to be accomplished in Could 2024. Each amenities shall be operated by Life Storage.
Thus far, Flagship has constructed and managed greater than 2 million sq. ft of self-storage amenities and is anticipated to double that quantity by the tip of the 12 months. They presently have 10 tasks below building and 24 websites in growth. In addition they develop retail and residential developments, together with golf programs and studio salons.
“Flagship Firms is a trusted developer of self-storage amenities,” stated Valerie Girrens, Vice President, Business Relationship Supervisor at American Momentum Financial institution. “They noticed a necessity for brand spanking new product in these markets, and we have been comfortable to help them in assembly it. We’re proud to be part of these tasks and sit up for a robust relationship with each Flagship and Blue Vista sooner or later.”
Over the past six years, Flagship has partnered with Blue Vista – a number one actual property funding agency – on greater than 25 self-storage tasks in Florida. The corporate has invested over $12.7 billion in complete capitalized worth by way of institutional actual property within the U.S. and Canada.
“We’ve borrowed roughly $200 million from numerous banks through the years,” stated Bolin. “I’d heard about American Momentum Financial institution and thought they’d be somebody I’d love to do enterprise with. Once we have been launched to Valerie and obtained to know her and her staff, it was a pure match. We work so effectively collectively, and we’re trying ahead to the opportunity of working with them once more sooner or later.”
About American Momentum Financial institution
American Momentum Financial institution, a Texas-chartered banking affiliation with complete property of $2.8 billion as of Dec. 31, 2022, offers complete services and products for companies and people. American Momentum Financial institution has 18 full-service banking facilities in Texas and 9 full-service banking facilities in Florida. American Momentum Financial institution’s robust capitalization, superior asset high quality and skilled administration groups place it as one of many premier banks in every state. Go to www.americanmomentum.financial institution to be taught extra.