Category: Finance News

SROA Capital Expands Bridge Financing Program for Self Storage Industry

We are looking for investment opportunities across the capital stack in self storage. SROA is excited to continue to expand its credit investing prowess to its broader investor base having round-tripped nearly $100MM in credit strategy with strong returns over the past 5 years” – Benjamin S. Macfarland, III (CEO, SROA Capital) SROA Capital (‘SROA’), a vertically integrated real estate investment and technology company focused on investing in self storage, has completed the first closing of its ninth flagship fund, SROA Capital Fund IX (‘Fund IX’) this April. Up to…

EagleBridge Capital Arranges $22 Million Construction/Permanent Mortgage Financing for Self Storage Facility

EagleBridge Capital has arranged construction/permanent mortgage financing in the amount of $22 million for a new self storage facility property currently under construction in Redding, Connecticut.” The mortgage financing was arranged by EagleBridge Senior Director Brian Walsh who stated that the loan was provided by a major national bank. The self storage facility shall contain 675 fully sprinklered, climate-controlled units ranging in size from 20 to 300+ square feet plus several flex/industrial units. The facility will offer 24/7/365 key card security and gated access security. It will be managed by…

Byline Bank Lends $14 Million on Self Storage Build in Paramount

The infill project will total 845 units, including 841 temperature-controlled units. The property will be managed by Madison Capital’s self storage brand, Go Store It.” Byline Bank’s Commercial Real Estate team has provided a $13.67 million construction loan to Madison Capital Group, a Charlotte-based real estate developer with offices in Newport Beach. Madison Capital will use the funds to develop a new-construction self storage property, located at 15932 Minnesota Ave. in Paramount. The infill project will total 845 units, including 841 temperature-controlled units. The property will be managed by Madison…

Developers Win Approval to Expand Coconut Creek Shopping Center with Self Storage, Sprouts and More

Strada Plaza, a 7.1-acre retail center near the intersection of Lyons Road and Coconut Creek Parkway, also will add a 1,500-square-foot Cali Coffee shop and a five-story Sentry Self Storage facility with about 120,000 square feet. Sprouts will have a 23,000-square-foot grocery store.” JV between Evan Mouhalis and Martin Pico is under contract to buy Strada Plaza, and also plans to add a café and a self storage facility. A joint venture of developers is under contract to buy a Coconut Creek shopping center and won approval to expand it…

Gantry Secures $40 Million of Acquisition Financing for Multi-State Self Storage Portfolio

Gantry has secured $40 million of financing to acquire four self storage facilities as the upleg for a strategic 1031 exchange. The portfolio includes three Storelocal Self Storage locations in Tennessee and a U.S. Storage Center in Florida. The assets comprise a total of 286,000 rentable square feet. The assets were assembled in a series of individual acquisitions requiring unique loans in both permanent, bridge and hybrid structures to optimize each financing. Gantry’s Andy Bratt and Amit Tyagi secured the loans on behalf of the borrower, a multi-generational private family.…

Heitman Supplies $65M Bridge Loan on Sun Belt Self Storage Portfolio

The portfolio totals more than 597,000 square feet across 3,963 units in Florida, North Carolina and Texas.” A joint venture between Andover Properties and Angelo Gordon has landed $65 million of bridge financing for a seven-asset self storage portfolio across the Sun Belt region, Commercial Observer has learned. The lender was not provided by the JV, but sources told CO it was real estate investment firm Heitman that provided the nonrecourse loan. Proceeds from the debt package cover first-time financing and partial refinancing. The portfolio totals more than 597,000 square…

Anticipated Changes to the SBA Rulebook

On April 11th, 2023, the Small Business Administration (SBA) released their final rule, which includes eligibility and procedural changes that make SBA 504 financing even more obtainable. The SBA aims to make the SBA 504 loan available to more small businesses by relaxing eligibility criteria, reducing required documentation and implementing an updated credit policy. They anticipate the changes to go into effect, May 12, 2023. Changes are subject to SBA’s release of guidance and procedural notices. Highlights of changes: No more Franchise Directory Simplified Affiliation Rules Affiliation is now generally…

Talonvest Capital Negotiates $24.7 Million Loan for Florida Portfolio

Talonvest Capital, Inc., a boutique self storage and commercial real estate advisory firm, is pleased to announce the successful closing of a $24,685,000 bridge loan for York RE Capital Partners and their institutional JV equity. The borrower acquired a Naples, FL storage property at certificate of occupancy and a recently delivered Venice, FL storage facility. The properties have 167,126 net rentable square feet in almost 1,700 climate-controlled units. The state-of-the-art storage facilities are strategically located in rapidly growing areas and benefit from high visibility and easy access. The loan, provided…

CBRE IM Lands $114M Loan for Self Storage Portfolio

CBRE Investment Management, in a joint venture with The William Warren Group, has acquired a 14-property self storage portfolio in Southern California and Utah. The 8,697-unit portfolio was purchased from KOAR Institutional Advisors, with Prudential Financial providing a $114 million loan, according to county records.” With this acquisition, the fund sponsored by CBRE Investment Management owns 100 self storage properties across the U.S., bringing the number of units in its portfolio to 55,477. The company previously acquired another self storage portfolio in 2021, located in Colorado, California and Washington. The…

Associated Banc: Bank Announces $8.6 Million Loan for Self Storage Facility in Spring Hill, Florida

Associated Bank announced the closing of an $8,639,027 bridge loan to an affiliate of Metro Storage LLC for the completion of 504 climate-controlled self-storage units (49,806 square feet), and 39 non-climate-controlled units (13,050 square feet), at 3286 Barclay Avenue in Spring Hill, Florida. The project also includes 83 covered and 31 covered RV and boat parking spaces. The property was previously vacant land.” Lake Forest, Illinois-based Metro Storage LLC manages over 6.1 million square feet of storage across 88 locations in 12 states and is among the largest private owners/operators/managers…