Category: Finance News

CBRE Investment Management, in a joint venture with The William Warren Group, has acquired a 14-property self storage portfolio in Southern California and Utah. The 8,697-unit portfolio was purchased from KOAR Institutional Advisors, with Prudential Financial providing a $114 million loan, according to county records.” With this acquisition, the fund sponsored by CBRE Investment Management owns 100 self storage properties across the U.S., bringing the number of units in its portfolio to 55,477. The company previously acquired another self storage portfolio in 2021, located in Colorado, California and Washington. The…

Associated Bank announced the closing of an $8,639,027 bridge loan to an affiliate of Metro Storage LLC for the completion of 504 climate-controlled self-storage units (49,806 square feet), and 39 non-climate-controlled units (13,050 square feet), at 3286 Barclay Avenue in Spring Hill, Florida. The project also includes 83 covered and 31 covered RV and boat parking spaces. The property was previously vacant land.” Lake Forest, Illinois-based Metro Storage LLC manages over 6.1 million square feet of storage across 88 locations in 12 states and is among the largest private owners/operators/managers…

  A massive arm’s length real estate deal that was completed on Monday has netted the Nantucket Land Bank $840,000, the second largest transfer fee received in its four-decade history.”   The Go Store It self storage facility on Tomahawk Road has been “sold” for a whopping $42 million. It’s unclear if the deed transfer represents a buyout within the company, a shuffling of limited liability company ownership for tax purposes, or some other corporate strategy. But one thing is clear: it means a huge one-day haul for the Land…

Prime Group Holdings’ latest self storage fund reached its hard cap of $2.5 billion. Single-sector private equity real estate funds are not unusual, but the majority tend to target core real estate assets. But Prime Group Holdings LLC has found success off the beaten path, focusing its funds on niche property types. Investors have poured $2.5 billion into its latest initiative, Prime Storage Fund III, focused on the self storage space, blowing past the fund’s $1.5 billion target to reach its hard cap of $2.5 billion. The offering is the…

Every year Bank Five Nine funds numerous transactions based on complex change-of-ownership transactions that include the purchase of real estate. In many cases, financing is provided in combination with the both the SBA 7(a) Program (intangible assets) and the SBA 504 Program (fixed assets). Seller financing is also common in these types of projects, but it is important to structure the deal right on the front end in order to allow for seller financing to count toward the required down payment and also ensure the payback terms are acceptable to…

As the second largest SBA 504 lender, Bank Five Nine can offer aggressively low rates for your self storage opportunity. Bank Five Nine’s 2022 closing highlights include: Deal Size: $14 Million LTC: 90% Financing Location: Utah Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 118,200 NRSF New self storage development Deal Size: $4 Million LTC: 85% Financing Location: Tennessee Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 36,800 NRSF New self…

Looking for a recession-resistant place to put your money during these turbulent times? Better get in line. Recently two real estate funds announced that they had exceeded their fundraising goals, each closing with ten-figure sums with which to buy storage properties across the United States. Largest fund in self storage history Saratoga Springs, NY-based Prime Group Holdings announced that it has raised the industry’s largest private fund for investing in self storage assets. The private equity firm and self storage operator closed its Prime Storage Fund III LP at a…

JLL also sourced permanent and construction financing for the recapitalization of the venture’s initial seed portfolio. JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (“Clear Sky”). The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through…

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