SUMMARY
DECEMBER 2025
Loan Update:
While the debt market has continued to present challenges, we are delighted to announce that we signed a Term Sheet with One Florida Bank for a bridge loan to take out the existing construction loan. Projected loan closing is in 4-6 weeks. Loan proceeds will pay off the existing loan in its entirety and have a robust interest reserve to cover the interest-only payments until the property reaches stabilization. At this time, the proposed loan proceeds will not include any return of equity. Once the property reaches stabilization, we will look to increase the loan proceeds with One Florida Bank or go out to market for permanent debt that would allow for return of equity. The expectation in the capital markets is that interest rate will be lower by that time.
Please do not hesitate to reach out should you have any questions.
APRIL 2025
Since launch, we have been actively marketing the property and leasing units. In just six weeks, leasing activity has exceeded our initial projections, and we are on track to reach stabilized occupancy in less than one year.
As we move into the next phase of operations, we will begin providing our standard quarterly updates. These reports will include detailed information on operations, leasing activity, unit mix, occupancy levels, and financial performance. The first quarterly report will cover Q2 2025 (partial April, May, and June) and will be shared in July.
Attached, you’ll find a project update for the Extra Space Storage at Powell development.
Please feel free to reach out with any questions or if you’d like additional information. Thank you for your continued trust and support in this project — we appreciate your partnership.
