Category: Finance News

Colliers Arranges Financing on Midtown Office-to-Storage Project in New York, NY

Colliers has arranged $50.2 million of construction financing and $17.3 million of limited-partner equity for the redevelopment of 152 W. 36th St. in Midtown Manhattan. The developer, a joint venture between Flatiron Equities and Mequity Companies, will convert the eight-story office building into a 16-story self-storage facility. The new development will be operated by Manhattan Mini Storage. The Colliers team was led by Dylan Kane, Zach Redding, Peter Nicoletti and Jared King of the New York Capital Markets group. The debt was provided by Elsee Partners and the equity was…

Sam’s Self Storage Purchase – A Tale of SBA Financing

With the onslaught of ever-increasing rates over the past 18 months, many owner-operators have been searching for a viable solution to purchase or refinance their facility. Most products have virtually doubled in rate compared to those available through the middle of 2022. A new SBA product has arrived at 7.9% for a 5-year term on a 25-year amortization. The rate is nearly 3% lower than the average and the amortization is 10 years longer than most bank notes alleviating cash flow shortfalls that undermine most owner’s cash flow. Currently, the…

PACE Loan Group closes $1.5 Million Loan for Self-Storage Project in Romulus, MI

PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan. The 25-year C-PACE loan, which closed out the $9 million capital stack, will be used for the building envelope, ENERGY STAR windows, high-efficiency HVAC, plumbing, and LED lighting. The self-storage property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven, one-story buildings with a unit mix of 298 climate-controlled units and 177 drive-up units. Construction is expected to be complete by the summer 2025. In addition to…

Investment Firm North Palisade Partners LLC Plans to Spend $400 Million on Self-Storage Properties in Los Angeles (CA), D.C. and Seattle (WA)

Downtown-based industrial development and investment firm North Palisade Partners LLC has expanded its self-storage platform with plans to spend $400 million of capital on self-storage properties over the next 36 months. The company will start by acquiring existing facilities and later doing ground-up developments. It is targeting assets in undersupplied areas with dense populations such as Los Angeles, D.C. and Seattle. Previously, North Palisade only owned two self-storage properties – one 109,000-square-foot building featuring 1,530 units and one 215,000-square-foot building featuring 3,010 units – both in Huntington Park. The company’s…

10 Federal Raises $25 Million in First Closing for Opportunistic Offering in Dripping Springs, TX and Charlotte, NC

10 Federal, a leading innovator in the self-storage industry, is proud to announce key milestones that highlight the company’s continued growth and leadership in the sector. In the first closing of its Opportunistic Offering, 10 Federal raised $25 million in equity, equity commitments, and mezz equity during the third quarter of 2024. The funding was led by Essentia Capital Partners, an investment advisory firm serving HNWIs and RIAs. This offering focuses on ground-up development deals, primarily targeting multi-story, Class-A properties. The funds from this first closing will be allocated to…

A Self-Storage REIT Secured $75 Million Construction Financing for Self-Storage Properties in Orlando and Tampa, FL

A self-storage real estate investment firm secured $75 million in construction financing for Florida self-storage properties. Storage Units Capital announced that it has secured a $75 million construction loan through Beal Bank and Crow Holdings for the development of Class A self-storage properties in submarkets of Orlando and Tampa. The company plans to utilize the loan proceeds to build approximately 4,000 units at five properties located in Fort Myers, Fort Pierce, Vero Beach, Sebring and Cocoa. The facilities will offer an array of modern features, including climate-controlled units, interior drive-through…

Storage Authority Obtains Financing from Bank Five Nine to Construct a Self-Storage Facility in Glassboro, NJ

Storage Authority® Buck Road has obtained financing from Bank Five Nine and has started construction. The project is 89,750 sq. ft. It is located at 125 Buck Road, Glassboro, NJ 08028. It is anticipated construction will take 1 year. Franchise owner Rick A is looking forward to being part of the local business community. “From day one, Storage Authority® has proven to be invaluable to help us push through numerous obstacles we encountered. Thanks to their good standing and strong relationships with lenders we successfully obtained financing. I am thankful…

Marc Tropp Of Eastern Union Closes On $13.3 Million in Financing for Ground-Up Construction of 931-Unit, Self-Storage Facility in Worcester, MA

Marc Tropp, a senior managing director with Eastern Union, has secured $13,297,000 in financing toward the ground-up construction of a four-story, 931-unit, self-storage facility at 80 Barber Avenue in Worcester, MA. Eastern Union, based in New York, is one of America’s largest providers of commercial mortgage brokerage and capital markets advisory services. Together with senior managing director David Merkin, Mr. Tropp oversees the firm’s Mid-Atlantic Region office in Bethesda, MD. The climate-controlled property will have a gross size of 126,260 square feet and 93,186 square feet of rentable space. The…

SAFStor Launches SAFHarbor Opportunity Fund, LLC to Develop Three Self-Storage Facilities Across the United States

SAFStor, one of the nation’s largest developers of Class A self-storage, announced today the launch of its latest Regulation D 506(c) offering, SAFHarbor Opportunity Fund, LLC. The Fund intends to raise $23 million from accredited investors for the development of three self-storage facilities in strategic locations across the United States. The Fund plans to develop its Gen-V self-storage facility at the following three sites: An approximately 3.0-acre site located in Morrisville, Pennsylvania to be developed into an 861-unit self-storage facility. An approximately 1.8-acre vacant land site located in El Paso,…

Seven Hills Realty Trust Closes $23.8 Million Mortgage Loan to Recapitalize a Self-Storage Property in Los Angeles, CA

Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $23.8 million first mortgage floating rate loan to recapitalize 2515 S Broadway, a newly constructed, Extra Space Storage branded 80,000 square foot self-storage facility located in Los Angeles, CA. 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 JLL, which advised Staley Point Capital, the Los Angeles-based sponsor. Tom Lorenzini, President and Chief Investment Officer of SEVN,…