Category: Finance News

An affiliate of the self storage owner and operator Prime Group Holdings LLC has secured a $102.5 million loan for the acquisition of a five-property self storage portfolio. Given Prime’s excellent track-record, we look forward to their continued success in these markets.” The 4,000-unit portfolio is situated across three states in New England. Each of the five best-in-class properties are newly-built assets and well-located within their respective markets. H.I.G. Realty Credit Partners, an affiliate of global alternative investment firm H.I.G. Capital, originated the loan for the buyer. “We are excited…

Winter Garden, FL-based Store Space Self Storage and Vancouver-based QuadReal Property Group have formed a strategic partnership that is capitalized to build a $1-billion portfolio of self storage assets. The companies share a long-term strategy focused on scaling a nationally diversified portfolio of institutional-quality self storage assets across the US in locations with strong demographic and migration trends. The self storage sector offers steady growth. Further, it has shown resiliency and demonstrates consistent fundamental and demographic tailwinds that align closely with QuadReal’s core investment convictions.” The partnership’s value-add and core-plus…

Boutique commercial advisory firm Talonvest Capital has arranged a $23.1 million acquisition loan for a 1,351-unit self storage facility located in the southern Boston suburb of Quincy. The climate-controlled property spans 103,562 net rentable square feet. An undisclosed life insurance company provided the nonrecourse loan, which carried a four-year term and three years of interest-only payments, on behalf of the borrower, Madison Capital Group. Source

My Place Storage, a self storage facility, and its founder Kurt O’Brien announced the formation of a $300 million joint venture with Nuveen Real Estate focused on acquiring and operating a number of value added self storage properties. Kurt O’Brien has over three decades of experience developing, operating and managing extremely successful self storage companies. This latest collaboration will enable Kurt to continue to acquire and operate self storage projects all over the country and dynamically grow the operations of the new venture. The MoFo team was led by New…

SROA Capital (SROA), a vertically integrated real estate investment and technology company focused on investing in self storage, has announced the final closing of its eighth flagship fund, SROA Capital Fund VIII (Fund VIII), at $650 million. Fund VIII marks the firm’s largest fund to date, having surpassed its $500 million target. The firm also raised approximately $200 million from limited partners for co-investments alongside Fund VIII. We are thrilled with the success of this fundraise and grateful for the strong support we have received from a diverse group of…

Citigroup has closed a $560 million refinance for a 43-property self storage portfolio owned by Prime Storage Group, sources familiar with the deal told Commercial Observer. The floating-rate loan is indexed to SOFR. A source said the ultimate execution for the loan is still being mulled, given the current volatile interest rate environment. After thoughtful analysis, our team at Meridian was able to identify a path to strong value creation for our client by including 43 properties across 15 states in the collateral, achieving an ideal risk-adjusted opportunity for lenders.” Meridian Capital Group’s Drew…

Many properties that potential buyers find “off market” tend to not have the historical cash flow a bank needs to approve a transaction. The reasons could stem from poor marketing, low occupancy, lack of management or, in some cases, failure to report income incurred. When using an SBA loan product to purchase a facility with poor historical financials, the new deal can be viewed as a “start-up”, as the new buyer will be running the site differently. With realistic projections and a business plan that justifies changes in operations, the…

Life Storage North Scottsdale is a 70,535 square foot, 804-unit climate-controlled self storage facility located on a 1.44-acre site and the project has secured a $17 million loan from Thorofare Capital for construction/completion. TLW Construction is the general contractor on the project, which was approximately 65 percent complete at the time of closing. RKAA Architects, Inc., a national full-service architectural and design firm, with offices in Newport Beach and Phoenix, serves as the project’s architect, according to a news release. Location and amenities? The class A, newly-built facility will feature 20 parking stalls…

Talonvest Capital, Inc. and its client SpareSpace Storage have successfully closed a $21,400,000 bridge loan for the financing of a 106,940 net rentable square foot, Class A, state-of-the-art self storage facility in Miami, FL. The non-recourse loan was funded by a New York-based private investment firm and featured a three-year loan term, full term interest-only payments, and two 12-month extension options. The loan facilitated a construction loan refinance while providing the capital for SpareSpace to complete the phased build out of the seven-story facility in order to capture cash flow…