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\nTalonvest has helped structure a total of $111.5 million in permanent financing on behalf of several self storage clients. The firm has arranged four separate loans for a six-property portfolio and three additional facilities in Chicago, Texas and Illinois.<\/p>\n
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The William Warren Co. has closed on the largest financing deal, amounting to $60 million for a collection of six properties in California, Texas and Nevada. The seven-year loan has five years of interest only payments. The assets total 542,483 net rentable square feet and include a 73,128-square-foot facility at 2340 Maritime Drive in Elk Grove, Calif. The 2002-built property is operating under the company\u2019s StorQuest brand. Storage spaces include climate-controlled units and range between 12 and 300 square feet.<\/p>\n
A private investor received a $34 million refinance loan with 10 years of interest only payments. The financing was arranged for a 143,409 net rentable square-foot storage facility in Richmond, Calif. The property at 321 Canal Blvd. offers 1,114 non-climate-controlled units and 468 climate-controlled units. Storage spaces include 224 drive-up access units.<\/p>\n
he Jenkins Organization obtained a 10-year refinancing of $10 million. The full-term, interest-only fixed-rate loan is for a facility at 1864 Independence Drive in New Braunfels, Texas. Built in 2017, the property offers 80,555 net rentable square feet across three two-story buildings. The facility has 584 units. Storage spaces include climate-controlled options and range between 25 and 300 square feet.<\/p>\n
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Chicago Capital Funds received a $7.5 million loan for a facility in Elmhurst, Ill. The 10-year non-recourse refinancing includes an interest only payment period. According to Yardi Matrix, the facility is a three-story building at 877 IL-83. The property offers both climate- and non-climate-controlled units ranging from 25 to 350 square feet and includes RV and boat parking spaces. The property operates under the U-Stor-It flag.<\/p>\n
Despite a decline for three consecutive months, self storage\u00a0street rates remained stable<\/a>\u00a0through November, a recent Yardi Matrix report shows. The national average rent for 10\u00d710 non-climate-controlled units was up 6.7 percent year-over-year, clocking in at $127. The figure was down $1 from the previous month. Meanwhile, rates for 10\u00d710 climate-controlled units rose 8.2 percent year-over-year to $145, down $1 from the previous month.<\/p>\n Development activity has kept up with the pace of demand, despite the rising costs of construction materials. The November pipeline accounted for 8.8 percent of existing inventory, marking a month-over-month increase of 20 basis points.<\/p>\n Considering the ongoing shortage of construction materials, some big names in the sector prefer to grow their portfolios through asset acquisition, according to a recent article by\u00a0The Wall Street Journal<\/em>. The sector is also attracting investors looking to safeguard against inflation.<\/p>\n In November, a joint venture of Harrison Street and Reliant Real Estate Management LLC purchased a 26-property portfolio across six states. The acquisition was the\u00a0largest portfolio transaction in Harrison Street\u2019s history<\/a>. The firm has invested a total of $2.3 billion in self storage properties to date.<\/p>\n