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Aries Capital is pleased to announce that the firm\u2019s Director of Capital Markets, Brandon Perdeck, has arranged a $19.875 million, interest-only loan for a 54,000-square-foot, climate-controlled wine and self storage facility, Vineburg Wine and Self Storage, in Sonoma, California.<\/p>\n
\u201cThe borrower was seeking to refinance an existing construction loan, as well as to finance a second phase of the project,\u201d said Perdeck. \u201cGiven the property\u2019s broad wine storage offerings and current waitlists for storage unit availability locally, we were able to source a qualified lender through our network and arrange a creative package to refinance the existing loan and provide the capital for Phase 2 of the project.\u201d<\/p>\n
The borrower, a local Sonoma-based business owner, came to Aries Capital through a connection made at last year\u2019s California Self Storage Association\u2019s (CSSA) Napa Self Storage Owner’s Conference.<\/p>\n
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Located on 4.71 acres at 1010 Napa Road, the Class A self storage property consists of 396 storage units with 211 climate-controlled spaces. It was completed in July of 2021 and is currently more than 50 percent occupied. Planned construction for an additional 489 units and another 65,000 square feet of space is scheduled for completion later this year. Fannco Builders completed Phase 1 of the project and has been selected as the general contractor for Phase 2.<\/p>\n
\u201cBrandon Perdeck and the Aries Capital team were highly effective securing the right loan for this project. From introduction to closing, Aries Capital worked hard to ensure a seamless execution. I look forward to working with the Aries team on future deals,\u201d said Greg Van Cleave, principal for Vineburg Wine and Self Storage.<\/p>\n
Vineburg Wine and Self Storage services both personal and commercial customers and has experienced a growing demand from local area collectors and wineries. The facility includes climate-controlled and standard storage options, as well as specialty units designed for wine pallet storage for area wineries in need of additional space.<\/p>\n
About Aries Capital, LLC<\/strong>
\nAries Capital is a diversified commercial real estate banking and investment firm headquartered in Chicago with offices in Miami and Los Angeles. Since its founding in 1991 by Neil Freeman, Aries has arranged and\/or directly funded over $8 billion for commercial real estate assets nationwide. Our banking team specializes in arranging debt and equity capital for clients nationwide through deep-rooted relationships with CMBS lenders, banks\/credit unions, debt funds, family offices, insurance companies, and other institutional equity investors. Our investment team \u2013 operating as Aries Capital Private Equity \u2013 is focused on the acquisition and operation of mission-critical light-industrial and logistics properties, with a particular emphasis on net lease assets and sale-leaseback opportunities throughout the southeast. Aries and affiliated entities hold equity interests in excess of $250 million in diversified commercial real estate assets nationwide.<\/p>\n