Category: Finance News

Cronheim Mortgage Arranges $12.9 Million Construction Loan for El Paso Self Storage Project

New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter. Source

National Storage Affiliates Announces Fourth Quarter 2022 Capital Markets Activity and PRO Update

National Storage Affiliates Trust (“NSA” or the “company”) (NYSE: NSA), today announced the following recent activity: Expansion and Extension of Credit Facility. The company has entered into a third amended and restated credit agreement which expands the total borrowing capacity of its credit facility by $405 million to $1.955 billion with an accordion feature to expand the total borrowing capacity to $2.5 billion. The maturity date of the revolving line of credit is now January 2027 versus the previous maturity date of January 2024, while the total borrowing capacity was…

NexPoint Storage Partners Acquires SAFStor to Expand Self Storage Portfolio

NexPoint Storage Partners, Inc., a self storage platform affiliated with NexPoint Advisors, today announced that it became the sole owner of 29 new, well-located and high-quality self storage properties developed by SAFStor. The acquisition brings NexPoint Storage to a total asset value of approximately $1.7 billion with 71 wholly owned and operating properties and one additional property expected to open in February 2023. The SAFStor acquisition continues the strong execution of our strategy to own the newest and highest quality self storage portfolio in the United States and provides us…

Newmark Arranges $300 Million Self Storage Joint Venture with Maya Capital Partners and Artemis Real Estate Partners

Newmark announces that the firm has arranged a $300 million programmatic joint venture between Maya Capital Partners and Artemis Real Estate Partners focused on high-quality value-add self storage assets in the Northeastern United States. The Newmark team was led by Vice Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub. Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The Venture was seeded by the…

Cushman & Wakefield Self Storage Advisory Group Q3 Report

Rental income increased Nationwide due to the increases in asking rental rates even though the physical occupancy decreased. The graph below shows the rental rate averages for the other non-climate controlled, down stairs, standard unit sizes that are offered at storage facilities Nationwide. Notably, rent per available square foot increased in the 3rd Quarter 2022 for both Nationwide and REITs. The REITs had very strong performance this year, and the pandemic caused the market sector to recover stronger than the normal self storage yearly cycle. This demonstrates the sector’s resiliency during the…

Recapitalization Completed for Newly Constructed Self Storage Facilities in SoCal

JLL Capital Markets announced today that it has arranged the recapitalization of two newly constructed self storage facilities totaling 1,975 units in the San Diego and Los Angeles metropolitan areas of California. JLL recapitalized the properties on behalf of the seller, Baranof Holdings. Clarion Partners is Baranof’s new partner, buying out the ownership stake previously held by another partner of Baranof, Invesco Real Estate, a global real estate investment manager. Lemon Grove Self Storage is located at 8016 Broadway in the Lemon Grove area of San Diego, immediately east of…

Newmark Arranges $360M Financing For Self Storage Portfolio

Newmark Group Inc has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot national self storage portfolio on behalf of Angelo Gordon and Andover Properties. Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio.” It added that the portfolio is well-leased and located in strong primary markets and submarkets across the country. The team that closed the debt was led by Vice-Chairmen and Co-Heads of…

Mini Mall Storage Properties Secures $72 Million Acquisition Loan from HIG

HIG Capital’s real estate debt arm has provided a $72m (€70.7m) loan to assist North American self-storage firm Mini Mall Storage Properties to buy a 5,000-unit portfolio. HIG Realty Credit Partners has originated the loan to assist in the acquisition of the self-storage portfolio located in three states across the Southeast US. Michael Mestel, managing director at HIG Realty Credit Partners, said: “We are excited about this unique opportunity to finance an asset class with such strong fundamentals.” Adam Villard, CEO at Mini Mall Storage Properties, said: “We are pleased to partner…

Custom RV Storage, Park Planned Near Yucca

This is from Riverbound in Havasu Heights. Canyonbound, planned on I-40 near Yucca, is modeled after the Havasu development. The company that developed Riverbound Custom Storage & RV Park in Havasu Heights is planning a similar project along I-40 near Yucca – but this one will include a professional-quality motocross facility. Canyonbound Storage Management recently purchased about 102.8 acres located near the Chrysler Proving Grounds – just south of Area 66 on the interstate – from Las Vegas-based companies AZPrime and Mojave HM for $2.5 million. The property is south…

Self Storage Project in Branchburg, New Jersey

Arthur’s Self Storage, a new facility in Branchburg, New Jersey, by Cyzner Properties, will feature RV/boat storage space and a 4,000-square-foot specialized wine storage cave designed for restaurants and caterers. Progress Capital has arranged a $23 million construction loan for a 1,000-unit self storage project in Branchburg, about 50 miles west of New York City. The site, which is also zoned to support the future development of 160 multifamily units, will house three two-story buildings with units of varying sizes. Kathy Anderson and Caillin Boles of Progress Capital arranged the…