Category: Finance News

Basis Industrial Lands Financing for a Self Storage Project in Melbourne, FL

Basis Industrial has received an $11 million construction loan for the development of a 955-unit self-storage facility in Melbourne, Florida. In a transaction arranged by Berkadia, American Momentum Bank provided the financing for the 126,741-square-foot property, which will be managed by Extra Space Storage. Basis Industrial purchased the site in November 2022, along with a small bay portfolio, for a combined $30 million. Marcus & Millichap First Vice President Kenneth Hobson represented the seller, and Basis Industrial was represented in-house by President Anthony Scavo. The company broke ground on the…

Gantry Secures $8 Million for South Loop Self Storage in Chicago, IL

Gantry has secured an $8 million permanent loan to refinance existing debt on a South Loop self-storage facility converted from a former parking structure. Located at 605 S. Wabash Avenue, the 95,000-square-foot facility encompasses 1,184 units across five stories. The property is now under new on-site management, operating as an Extra Space Storage, and making rapid progress towards stabilization in a programmatic fashion. Gantry’s Andy Bratt, principal, and Sean Kuang, associate, secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate permanent loan was…

Seven Hills Realty Trust Closes $25.3 Million Bridge Loan to Refinance Two Self-Storage Facilities in Atlanta and Fayetteville, GA

Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $25.3 million first mortgage floating rate bridge loan to refinance two Life Storage branded self-storage facilities located at 3900 Cascade Road in Atlanta, Georgia and 815 W. Lanier Avenue in Fayetteville, Georgia. The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Talonvest Capital, which advised the joint venture sponsorship of Castle Hill Investors and Olympus Ventures LLC.…

Miami Self-Storage Investor Scores $10.3M Construction Loan for a Self Storage Facility near Doral, FL

The fact of the matter is, Americans keep buying more stuff. And when stuff starts piling up, they need a place to put it. More than one in five Americans rent a self storage unit. And that number is growing by the day. So has rent. Self-storage rent has increased 6.1% year-over-year to $176 for a standard 10-foot-by-10-foot unit, according to RentCafe. South Florida had the seventh-most self-storage construction activity during the last decade with 9.1 million square feet of new storage. DXD Capital obtained a $10.33 million construction loan…

10 Federal Storage Raises $80 Million in Nine Months via Fourth Self-Storage Offering in Georgetown, TX, with a Strong Performance Across Portfolio

  10 Federal, a prominent and innovative leader in the self-storage sector, proudly announces a highly successful capital infusion of $21 million in equity during the third quarter for their Fourth Self Storage offering. This achievement has propelled 10 Federal’s total capital raised for its fourth offering to an impressive $80 million, approaching the company’s ambitious $100 million year-end target. “We are excited to share that we have successfully secured an additional $20 million in equity funding during the third quarter, bringing our total capital raise to $80 million within…

Basis Industrial Closes on $8.3 Million Construction Loan for Self-Storage Facility in Detroit, MI

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on an $8.308 million construction loan on Sept. 22, 2023 for a self-storage facility located at 1610 Algonquin Street, Detroit, MI 48215. Basis Industrial acquired the land on which the storage facility is being built in October 2021. This is Basis’ third construction loan closing this year. Basis continues to source financing due to its long track record of success and deep financial acumen. Berkadia sourced the construction financing from Old…

Five Points Shopping Center sold for $3 Million – The Site planned For a Self Storage in Fairborn, OH

A Fairborn shopping center largely vacant since losing a Kmart several years ago has been sold for $3 million, Greene County records show. The 9.5-acre Fairborn Five Points Shopping Center, the site of a planned 600-unit indoor self-storage facility, has been bought by Cobblestone Capital of Bowling Green, Ky., according to the county auditor’s office. Cobblestone Capital purchased the site at 224 E. Dayton Yellow Springs Road last month from Gator Five Points Partners, which bought it for $2.1 million in 2007, according to county records. The site is at…

Real Estate Investment Trust Hartman SPE is Converting into a Self-Storage Firm in Dallas, TX

A Houston-based investor that owns multiple Dallas-area office and retail properties has sought bankruptcy protection for its assets with more than $200 million in debt. Hartman SPE LLC has been selling off its office and retail properties to refocus the company on self-storage investments. In the Dallas area, the Hartman real estate investment trust owned 10 office buildings and three shopping centers at the start of 2023. Some of its high-profile holdings include the North Central Plaza tower and Gateway Tower on North Central Expressway in North Dallas. The real…

Greystone Furnishes $14 Million CMBS Loan For a Self-Storage in Torrance, CA

Greystone has provided a $14,000,000 CMBS loan to refinance an 801-unit self-storage property, SOS Storage Center, in Torrance. The financing was originated by Anthony Cristi, managing director at Greystone. The first mortgage, provided at 59.6% loan-to-value, includes a 10-year term with interest-only payments. The property was originally constructed in 1992 as an office property. The sponsor converted it to a self-storage facility in 2008. It includes 801 self-storage units made up of predominantly standard and climate-controlled units, and also features vault storage and wine storage units, across a total of…

Allegany Crossing Self Storage Sets Soft Opening this Week in Allegany, NY

Allegany Crossing Self Storage, the new facility with indoor, climate-controlled space as well as outside storage space and located in the former Kmart plaza on Route 417, is quietly opening this week. The 21-acre site includes the 100,000-square-foot building, which was renovated inside and out, with about 60,000 square feet for indoor storage and the remainder for retail, commercial or light manufacturing. There is more outdoor secure storage to complement hundreds of indoor storage spaces of all sizes The owner is Cornell Capital Holdings, headquartered in Olean and which built…