Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.8 million loan for a four-property self storage portfolio in West Virginia. The properties span 770 units and are located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, as well as 73 Roaring Lion Drive in Hedgesville.
Jared Cassidy of MMCC’s Bethesda, Md., office arranged the 10-year loan on behalf of the borrower, a private self storage operator, through an unnamed balance sheet lender. The loan was underwritten with a fixed interest rate of 4.1 percent and a loan-to-value ratio of 75 percent. Additionally, the loan features 12 months of interest-only payments.
