Category: Finance News

Allegany Crossing Self Storage Sets Soft Opening this Week in Allegany, NY

Allegany Crossing Self Storage, the new facility with indoor, climate-controlled space as well as outside storage space and located in the former Kmart plaza on Route 417, is quietly opening this week. The 21-acre site includes the 100,000-square-foot building, which was renovated inside and out, with about 60,000 square feet for indoor storage and the remainder for retail, commercial or light manufacturing. There is more outdoor secure storage to complement hundreds of indoor storage spaces of all sizes The owner is Cornell Capital Holdings, headquartered in Olean and which built…

Talonvest Structures $10 Million Bridge Loan for a Self Storage Facility in Eatontown, NJ

Talonvest Capital, Inc., a boutique self storage and commercial real estate advisory firm, along with their client, Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company that intends to qualify as a real estate investment trust sponsored by an affiliate of SmartStop® Self Storage REIT, Inc. (“SmartStop”), is pleased to announce the successful closing of a $10 million loan for a self storage facility located in Eatontown, New Jersey. The facility consists of approximately 730 interior, climate-controlled units, totaling approximately 65,800 net rentable square feet, and services affluent…

BWE Arranges $10 Million Loan for Self Storage Project in Lancaster, CA

BWE closed a $10,000,000 construction loan for the ground-up development of a new 733-unit self-storage facility in downtown Lancaster, CA. Arash Kouhi, VP in BWE’s Phoenix office, originated the loan from a credit union on behalf of Frontera Real Estate Investments. The loan has a 15-year term with three years of interest-only payments. “We worked closely with our partners at Frontera Real Estate to complete this deal despite the adverse market conditions, and we’re proud to help them develop this project in an area that’s seeing high demand for reliable…

Public Storage Accelerates Growth with Simply Self Storage Acquisition

The acquisition is currently expected to close in the third quarter of 2023, subject to the satisfaction of customary closing conditions. A detailed presentation is available in the Investor Relations section of Public Storage’s website.” Public Storage (NYSE:PSA) (the “Company”) and Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced today an agreement for Public Storage to acquire Simply Self Storage (“Simply”) from BREIT for $2.2 billion. The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets…

Gantry Arranges $18 Million Refinance on Two Self Storage Properties

Gantry has secured $18 million to refinance two branded, Southern California self-storage facilities, including a recently constructed facility in Miramar and totaling 1,634 rentable units. The single, cross-collateralized financing retired construction debt for the facility in Miramar and refinanced a pending maturity for a fully stabilized asset in Simi Valley. Principal Peter Welsh and senior director Bahman Mirhashemi, with the firm’s Los Angeles and Irvine production offices, respectively, represented the borrower, a private investment sponsor. The 10-year life company loan features an attractive fixed rate with 30-year amortization. Mirhashemi said,…

10 Federal Raises an Additional $27 Million in Q2 for 4th Self Storage Offering, Bringing Total Capital Raised to $60 Million

10 Federal, a leading operator of self-storage facilities, is pleased to announce the successful capital raise of over $27 million during the second quarter of the year for their 4th Self Storage offering. This impressive achievement has propelled the total capital raised by 10 Federal to an impressive $60 million for the year. The substantial capital infusion highlights the strong investor confidence in 10 Federal’s innovative business model and their consistent track record of delivering exceptional returns. These funds will further fuel the company’s growth strategy and facilitate the acquisition…

After Raising $230 Million, SROA Capital to Expand Loan Program for Self Storage

SROA Capital is hoping to fill some of the lending void as cautious banks pull back from self-storage and other loan deals across the country. In early June, SROA Capital, the private-equity owner and operator of nearly 400 self-storage facilities in the U.S., announced it had completed the first closing of its ninth flagship fund, securing $230 million of capital commitments for its target of $750 million for SROA Capital Fund IX. The West Palm Beach, Florida-based firm also announced that it planned to expand its bridge financing program, with…

Talonvest Arranges $14.1 Million Construction Loan for CA Development

The site is uniquely positioned adjacent to two recently delivered RV/Boat storage facilities and, upon completion, will consist of 373 climate-controlled units and 461 drive-up units totaling 114,752 NRSF.” Talonvest Capital, Inc., a boutique self storage and commercial real estate advisory firm, along with their client, Madison Capital, is pleased to announce the successful closing of a $14.1 million loan for the construction of a single-story class A, self storage development located at the Southeast Corner of Wabash Ave and Naples Ave in Redlands, CA. The site is uniquely positioned…

Ivanhoé Cambridge Makes First Investment in Self Storage Alongside Strategic Partners

Ivanhoé Cambridge alongside another global institutional investor and Safely Store will be investing an initial US$400 million in equity to be deployed nationally over the next few years, with the potential to scale up further over time.” Ivanhoé Cambridge, a global real estate industry leader, is pleased to announce its new strategic partnership with Safely Store Self Storage (“Safely Store”), targeting the self storage sector in the United States, marking its first entry into this alternative industrial asset class. Safely Store is a self storage dedicated investment platform formed by…

Redding Self Storage Facility Lands $22 Million in Construction Financing

EagleBridge Capital, a Boston-based mortgage banking firm, has secured construction financing of $22 million for a new self storage facility in Redding, Connecticut. The facility, currently under construction, will feature 675 units of various sizes, as well as flex/industrial units. It will be equipped with 24/7 key card security and gated access. The property is situated on an 8-acre site on Ethan Allen Highway (Route 7). The location offers access to Route I-95 and Merritt Parkway. EagleBridge’s Brian Walsh arranged the financing through a national bank. Source