Day: July 12, 2022

Environmental Report Requirements for SBA Loans

In order to qualify for the SBA’s guaranty for 7a and 504 loans, the SBA requires certain levels of environmental due diligence be performed to provide assurance that the property site value is not hampered by previous contamination or environmental degradation. Reasons for diminished property site value may include: The costs of remediation could impair the borrower’s ability to repay the loan and/or continue to operate the business The value and marketability of the property could be diminished Lender or SBA could be liable for environmental clean-up costs and third-party…

Invesco Real Estate Income Trust Inc. Acquires Two Self Storage Portfolios

Invesco Real Estate Income Trust Inc. (“INREIT”), an institutionally managed, public non-listed REIT, announced today two self storage portfolio acquisitions consisting of five properties located in Bend, Oregon and Clarksville, Tennessee. The combined purchase price was $42 million, bringing INREIT’s self storage portfolio to over $128 million. “Self storage continues to be a strategic sector for INREIT given the ability to increase cash flow relatively quickly,” said R. Scott Dennis, President and Chief Executive Officer for INREIT. “These properties exhibit strong demand and are well-located in their respective markets. We…

Aries Capital Closes $46 Million in Self Storage Financing in CA, CO, FL and TX

Aries Capital of Chicago has closed $46 million in construction, bridge and permanent debt financing for over 414,000 square feet of new and existing self storage facilities in California, Colorado, Florida and Texas. The financing was arranged on behalf of three separate clients by Aries Capital Director of Capital Markets Brandon Perdeck, Director of Acquisitions Matt Carney and Assistant Vice President Steve Adams. The transactions include a $17.5 million construction loan for a self storage facility in Santa Clarita, California for Diamond Development Partners, a unit of Salazar Construction Co.,…

Criterion Sells LIC Self Storage for $80 Million

A few years after Shibber Khan’s Criterion Group first explored selling a Long Island City site on Northern Boulevard, the firm has finally executed a deal. Criterion sold the commercial unit at 31-08 Northern Boulevard to the Carlyle Group for $80 million, public records show. The commercial condo unit spans 180,000 square feet, occupying part of the building’s first floor and the entirety of the remaining floors. The Queens-based development firm bought the development site in 2015 from investor Joel Gluck for $40 million, planning to hold on to it…