Category: Finance News

With the recent SBA 504 25-year fixed rates near historic lows (3.08% in April) along with allotted loan payments being covered by CARES Act stimulus payments, the 504 loan program has become a popular financing solution. Each loan file brings unique challenges. The primary goal of the 504 loan program is to encourage economic development by enabling small businesses to create or retain jobs within their communities. The challenge, sometimes, with self storage is they create few, if any, jobs. When the job creation requirement is not met, the only…

The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Minikahda Storage and Excelsior Tech Center, a multi-story mixed-use facility with 186,777 net rentable square feet located in Hopkins, Minnesota. Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, and Chris Kampmeyer, Investment Associate, in the firm’s Minneapolis, Minnesota office had the exclusive listing to market the property…

Invesco Real Estate has provided a $116 million loan to ASB Real Estate Investments (ASB) and The William Warren Group (WWG) on a portfolio of 10 self storage properties spread across five states. The debt was structured as a three-year, floating-rate loan, according to information from Washington, D.C.-based ABS, which executed the loan on behalf of its $7.3 billion Allegiance Real Estate Fund. The deal closed on April 8th. “This loan is representative of the Invesco debt platform’s focus on high-quality real estate and best-in-class institutional sponsorship,” Justin Chausse, senior…

With nearly 30 years’ experience in self storage investment sales Craig Rice and Cole Rice of CSD Realty Company represent clients ranging from private investors to large-scale REITs in the acquisition and disposition of self storage assets. Our team has closed hundreds of self-storage properties including the following recent transactions: Craig Rice & Cole Rice of CSD Realty represented the seller and procured the buyer in the sale of a 421-unit, 52,480 square foot self storage facility formerly known as A-Another Storage to Merit Hill Capital, LP, a real estate…

As $430 billion of the $2.3 trillion in outstanding  commercial and multifamily mortgage debt matures in 2021, borrowers with cash-flowing properties will find mortgage capital waiting to soften the landing. “There’s a strong appetite for lenders to make loans right now,” said Jamie Woodwell, vice president of commercial real estate research for the Mortgage Bankers Association. ”That means there’s plenty of capital looking to get invested in mortgages and equity, as well.” The big challenge in an increasingly vaccinated post-COVID-19 world will be identifying which properties will be able to…

Horizon Land Co. has spent $743.3 million to buy a portfolio of manufactured housing communities, a self storage property and RV pads across the country. The company financed the acquisition through a JPMorgan Chase-originated $488.6 million first lien acquisition loan, an additional $40 million mezzanine financing and $258.8 million of sponsor equity. The portfolio comprises 93 manufactured housing communities totaling 11,129 pads that include: – 10,897 manufactured housing pads – 194 RV pads – 38 site-built homes – a self storage facility with 136 units. The collection spans 13 states…

Ben VestalArgus Self Storage Advisors As the U.S. economy continues to recover, many investors are turning their attention to the potential risk of inflation and how it will impact commercial real estate investments. The self storage business model of short term, month-to-month leases and a fixed base expense model is setting self storage owners up to outperform other commercial real estate sectors.  We have learned that the ability to raise or reduce rents quickly allows self storage owners to outperform the market. Regular rent increases on the existing tenant base…