Category: Finance News

JLL Capital Markets announced today that it has arranged a $42.95 million loan facility for the redevelopment of Drexeline Town Center, a to-be-built, 348,185 square-foot, mixed-use, ShopRite-anchored project with multi-housing, retail and self-storage space in the Philadelphia-area community of Drexel Hill, Pennsylvania. JLL worked on behalf of the borrower, a partnership between affiliates of MCB Real Estate, LLC and The Hampshire Companies, to place the loan with Investors Bank, a division of Citizens Bank. Loan proceeds will enable the borrower to complete the project. Drexeline Town Center will be a cohesive, walkable, “town…

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $130 million of permanent financing for a six-property Trojan Storage-owned self storage portfolio totaling approximately 600,000 rentable square feet across facilities in California, Oregon and Washington. The properties include three newly completed, pre-stabilized storage facilities located in California, and three recently acquired existing facilities in California, Oregon and Washington, targeted for their value-add potential as occupancy and rents are adjusted to market rates while quality is improved to align with the standards of the Trojan Storage brand.…

Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq. In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates. Dixie Storage SPE, an affiliate of Schulman Properties, broke ground on the facility last month, after landing a $17.8 million construction loan from Pacific Western Bank, public records show. Located at 15699 W. Dixie Highway, in an Opportunity Zone…

Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed. Source

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…