Day: January 8, 2023

Cronheim Mortgage Arranges $12.9 Million Construction Loan for El Paso Self Storage Project

New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter. Source

Bakke, Batson-Cook Break Ground on 802-Unit Self Storage Facility in McAllen, Texas

A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. has broken ground on an 802-unit self-storage facility in the Rio Grande Valley city of McAllen. Designed by Alamo Architects and built by Independent Contractors Inc., SharyBak Storage will be a three-story building that will sit on two acres at 4901 E. Expressway 83. Frost Bank provided construction financing for the project, which is slated for a first-quarter 2024 completion. The development follows the partnership’s start of construction on a 781-unit self-storage facility in McAllen earlier this…

Citizen Storage Management to Expand into New Markets – Grew Current Portfolio Appraisal Value 189% in Five Years

Citizen Storage Management, a third-party self storage management company, has plans to expand operations in 2023. Previously, Citizen Storage Management (CSM) focused its management operations in Tennessee, Mississippi, and Michigan with great success. Since taking over two properties in 2017, CSM increased revenue by 101% and Net Operating Income by 119%. The appraisal value of the portfolio grew 189% since CSM began managing the properties. In 2020, CSM took over management of 8 locations in the Memphis, TN market from one of the largest REITs in the industry. In two…

Maya Capital Partners, LLC. Completes the Development of Class A Storage Facility in Norwalk, CT

Maya Capital Partners, LLC. is pleased to announce the completed development of a Class A 1,113-unit, 98,814 SF, self storage facility in Norwalk, CT. The best-in-class, fully climate-controlled facility is located at 320 Wilson Ave, Norwalk, CT, in the heart of the burgeoning South Norwalk (“SoNo”) neighborhood. The development project began with the purchase of a newly built vacant industrial building, which has excellent access and visibility along Wilson Avenue in South Norwalk and is located within 1 mile of multiple new residential and commercial development projects; this includes 1,000…

Janus International to Participate in the KeyBanc Capital Markets Self Storage Investor Forum

Janus International Group, Inc. (NYSE: JBI) (“Janus” or the “Company”), a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced that the Company will participate in the KeyBanc Capital Markets Self Storage Investor Forum in New York, NY on Thursday, January 5, 2023. About Janus International Group: Janus International Group, Inc. (www.JanusIntl.com) is a leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions, including roll-up and swing doors, hallway systems, re-locatable storage units…

StoreEase Virtual Management® Opens First Smart Storage Facility in Hoover, AL

Powered by a proprietary Virtual Management Operating System (VMOS) along with Nokē Smart Entry, the city of Hoover welcomes a new self-storage asset to the community. Hoover, AL – January 5th, 2023 – Hoover residents can now step into the future of self-storage at their local StoreEase facility. Located at 2175 AL- Hwy 150, StoreEase is the first Smart Storage™ facility of its kind in the area. Utilizing StoreEase’s state-the-art technology to deliver greater customer service and convenience, the facility also features Nokē Smart Entry System to enhance security. Owned…