Expansion Loan with No Money Down from Bank Five Nine

Over the past several years, my bank has financed hundreds of self storage deals. Some of these projects were existing facilities while many others were ground-up construction. Demand for storage is soaring and many operators are in need of adding more units to their existing sites. On a recent deal, I had a current SBA 7a loan in place and we were able to fund the expansion of both Phase 2 and Phase 3 of the site plan with zero money injected into the deal. The SBA 7a loan program…

Heitman and Life Storage Acquire Self Storage Portfolio

Global real estate investment management firm, Heitman LLC and Life Storage Inc. have formed a joint-venture partnership to acquire 13 newly-constructed self storage properties located across seven metropolitan areas. The acquired properties comprise a mix of urban and suburban class A properties and are at various stages of lease-up. Situated across Boston, Charlotte, Dallas, Naples, FL, Nashville, Newark, NJ and St. Louis, MO, the self storage properties have an average vintage of 2018. As we continue to execute our global strategy, we’ll look to invest in accordance with three themes:…

Bank Hapoalim Lends $32 Million on Queens Self Storage Property

Cayre Equities has inked a $32 million debt package to refinance a New York City self storage asset, Commercial Observer has learned. Bank Hapoalim provided the loan on Cayre’s 95,000-square-foot facility, which is managed by Treasure Island Self Storage and located in Queens’ Glendale neighborhood. Newmark arranged the transaction with a debt and structured finance team led by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm. Located at 7936-7966 Cooper Avenue, the property sits on 2.21 acres of land that Cayre purchased in 2015. The self storage development was completed in…

Talonvest Secures $11.1 Million Construction Loan for NY Development

Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, structured an $11,100,000 construction loan on behalf of GoodFriend Self-Storage and their institutional joint venture equity partner, whom Talonvest had previously sourced, to finance the development of a Class A, state-of-the-art self storage facility on a 2.21-acre site in Bedford Hills, NY. Upon completion, the architecturally attractive storage facility with 68,314 net rentable square feet in 691 units will appeal to today’s high-end consumer. The construction loan was funded by a national bank and features a…

Recent Closings: 12.7.21 – 12.13.21

Property: Crowning Touch Storage Location: Marion, OH Brokers and Brokerage: Brett Hatcher and Gabriel Coe of The Hatcher Group of Marcus & Millichap NRSF: 35,552 Unit Count: 250 Non-Climate Controlled Units and 81 Parking Spaces Occupancy: 97% (Physical) Year Built: 2018/2019 Room for Expansion: 75,000 – 100,000 SF Acreage: 22.52 Highlights: Under Supplied Market and Fast Lease Up High Daily Traffic Counts: 17,200 Cars/Day off US Route 23 Property: The Storage Space Location: Mesquite, TX Buyer: Andover Properties NRSF: 74,000 Unit Count: 553 Non-Climate and Climate-Controlled Units Highlights: Convenient Access…

SkyView Advisors Sells Oak View Capital Partners Portfolio

SkyView Advisors (SVA) is pleased to announce the sale of Oak View Capital Partners Portfolio, an 8-property self storage portfolio spread across Texas, Kansas and Missouri. This Class A portfolio features 619,763 total net rentable square feet and 6,029 total units in the Dallas-Forth Worth, TX and Kansas City, KS-MO metro areas. “The portfolio included eight class A assets with irreplaceable locations within the Dallas-Forth Worth and Kansas City markets. Accordingly, a broad spectrum of institutional buyers recognized the uniqueness of the acquisition opportunity and aggressively pursued the offering. SkyView’s…

SBA 504 Refinance Program

The 504 Refinance Program is designed to help businesses improve cash flow and access the equity of their property to pay down business expenses. With the updated rules provided by the SBA and low, long term FIXED rates, you can’t afford to ignore this program. To Qualify: At least 85% of the original loan must have been used to purchase or improve owner occupied commercial real estate or equipment (self storage is eligible). The note must have been in place for at least six months and the final draw of…

Pitfalls of a Database: Why Good Data Management Matters for Your Self Storage Operation (Part One)

As a self storage owner or operator, much of your ability to make the right decisions hinges on your data quality. If your database contains outdated, inaccurate or incomplete data, you will lack visibility to the information you need to reduce costs, retain tenants and grow your business. With technology quickly becoming a determining factor in self storage success, effective data management plays an even more significant role in your operation’s bottom line. But what is data management? And how can you improve data management to achieve better outcomes for…

Edmonds, WA

Using the Market Discovery Data Tool from StorTrack Explorer, we were able to review data on Edmonds, a city in Snohomish County, WA. Rates have been trending upwards by nearly 11% over the past year and current supply is less than six square feet per capita. To view additional metrics, visit the link labeled “Click Here to View Market Information” or go to StorTrack.com to purchase historical data.

Featured Broker: Guy Blake

Guy Blake, Associate Broker of Pyramid Brokerage Company, has been licensed since 1994 and involved in both residential and commercial real estate. He has extensive experience selling income properties including apartments, strip centers, mobile home parks and marinas. Guy has earned the prestigious CCIM designation and is also a certified exchange advisor for those clients performing 1031 exchanges. He is a member of the New York State Association of Realtors, the National Association of Realtors and the Ulster County Chamber of Commerce. Guy represents Argus Self Storage Advisors in Upstate…