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 Corporations 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 development on the Land O’ Lakes property, and an $8.5 million mortgage to assemble the Cocoa facility, additionally from American Momentum Financial institution. Flagship Corporations is the developer and common contractor on each initiatives.
“Once you have a look at the inhabitants development in these areas in opposition to the prevailing provide of self-storage items, there’s a demand that isn’t being met,” mentioned Ted Bolin, CEO of Flagship Corporations Group, LLC. “Florida is a state that’s attracting a big influx of residents post-pandemic, and we’re seeing plenty 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 Road, the 75,156-square-foot self-storage facility will deliver 660 climate-controlled self-storage items 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 items and 70 non-climate-controlled items to the rising Pasco County market. The property is situated on the intersection of U.S. 41 and Swans Touchdown Drive and is anticipated to be accomplished in Could 2024. Each amenities can be operated by Life Storage.
So 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 top of the yr. They at the moment have 10 initiatives underneath development and 24 websites in improvement. In addition they develop retail and residential developments, together with golf programs and studio salons.
“Flagship Corporations is a trusted developer of self-storage amenities,” mentioned Valerie Girrens, Vice President, Industrial Relationship Supervisor at American Momentum Financial institution. “They noticed a necessity for brand new product in these markets, and we have been joyful to help them in assembly it. We’re proud to be part of these initiatives and sit up for a robust relationship with each Flagship and Blue Vista sooner or later.”
During the last six years, Flagship has partnered with Blue Vista – a number one actual property funding agency – on greater than 25 self-storage initiatives in Florida. The corporate has invested over $12.7 billion in complete capitalized worth via institutional actual property within the U.S. and Canada.
“We’ve borrowed roughly $200 million from varied banks through the years,” mentioned Bolin. “I’d heard about American Momentum Financial institution and thought they’d be somebody I’d love to do enterprise with. After we have been launched to Valerie and obtained to know her and her workforce, it was a pure match. We work so properly 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 belongings of $2.8 billion as of Dec. 31, 2022, gives 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.