Category: Finance News

As the second largest SBA 504 lender, Bank Five Nine can offer aggressively low rates for your self storage opportunity. Bank Five Nine’s 2022 closing highlights include: Deal Size: $14 Million LTC: 90% Financing Location: Utah Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 118,200 NRSF New self storage development Deal Size: $4 Million LTC: 85% Financing Location: Tennessee Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 36,800 NRSF New self…

Looking for a recession-resistant place to put your money during these turbulent times? Better get in line. Recently two real estate funds announced that they had exceeded their fundraising goals, each closing with ten-figure sums with which to buy storage properties across the United States. Largest fund in self storage history Saratoga Springs, NY-based Prime Group Holdings announced that it has raised the industry’s largest private fund for investing in self storage assets. The private equity firm and self storage operator closed its Prime Storage Fund III LP at a…

JLL also sourced permanent and construction financing for the recapitalization of the venture’s initial seed portfolio. JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (“Clear Sky”). The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through…

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 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…

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…