Category: Finance News

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…

Talonvest Capital, Inc. and its longstanding clients, Clark Investment Group, Metro Storage LLC, and Goodfriend Self-Storage, have successfully closed another bridge loan together. This recent financing was a $27,387,000 bridge loan for a class A self storage facility located at 2727 Knapp Street in Brooklyn, NY. In a related assignment, Talonvest successfully negotiated $53,155,000 of bridge financing for Clark and Goodfriend secured by three additional state-of-the-art storage properties located at 1320 Zerega Avenue in the Bronx, 316 W. First Street in Mt. Vernon, and 175 Huguenot Street in New Rochelle,…

Northmarq has secured $8 million in refinancing for a 90,522-square-foot Extra Space Storage managed facility in Pinellas Park, Fla. Tampa-based Senior Vice President & Managing Director Robert Hernandez arranged the 10-year fixed-rate loan, with an interest rate of 2.8 percent and a 30-year amortization period. Completed in two phases, in 1986 and 2000, the asset comprises 904 climate- and non-climate controlled units, ranging from 20 to 600 square feet. The facility includes outdoor RV and boat slips, security cameras and parking spots. At the time of the transaction, the property was…

Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, negotiated a permanent loan on behalf of Rosewood Property Company for the acquisition of a 16-property storage portfolio. This acquisition is the largest self storage transaction in Rosewood Property Company’s history and consists of approximately 1.3 million net rentable square feet of space in roughly 12,000 units across 12 states. Much of the portfolio consists of traditional storage offerings, although some of the facilities offer climate-controlled interiors, drive-up capabilities, and covered outdoor parking for RVs and…

Talonvest has helped structure a total of $111.5 million in permanent financing on behalf of several self storage clients. The firm has arranged four separate loans for a six-property portfolio and three additional facilities in Chicago, Texas and Illinois. The William Warren Co. has closed on the largest financing deal, amounting to $60 million for a collection of six properties in California, Texas and Nevada. The seven-year loan has five years of interest only payments. The assets total 542,483 net rentable square feet and include a 73,128-square-foot facility at 2340…