Category: Finance News

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…

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…

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,…

Marc Tropp, a senior managing director with Eastern Union, has arranged $10.1 million in financing toward the ground-up construction of a five-story, 690-unit, self-storage facility in Davenport, FL. Davenport is situated approximately 65 miles east of Tampa. 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 gross square footage of 103,020 square feet and 76,431…

Northmarq’s Newport Beach Debt + Equity team of Managing Director David Blum and Investment Analyst Alvin Cao has arranged $8 million in construction financing for Lanier Islands Storage Caves, a proposed self-storage facility with industrial condominium storage units. Located at 6034 Lanier Islands Parkway in Buford, GA., the property is situated on a 7.67-acre site and will feature boat and RV storage less than a mile from Lake Lanier. Northmarq arranged financing on behalf of the borrower, Storage Caves-Lake Lanier Buford, through a correspondent relationship with a local regional bank.…