Alliant Credit Union Provides $30M in Loans for Storage Portfolios
- Nov 02, 2020
Alliant Credit Union has secured three loans totaling $30.4 million for three self storage portfolios in Michigan and South Carolina.
Pogoda Cos. received a 10-year, $18 million acquisition loan for a six-property portfolio totaling 2,114 units spread across 240,757 square feet in Grand Rapids and Detroit, Mich. Note terms include 30 months of interest-only payments and a 30-year amortization schedule. Lev Capital’s Shoy McKen assisted the borrower.
Five Star It Storage received a five-year $6.2 million loan for two properties encompassing 79,906 square feet in Mason and Grand Blanc, Mich. The mortgage has a 30-year amortization schedule. Jeff Muser and Adam Gould of Bellwether Enterprise facilitated the note. The Mason facility is located at 566 N. Cedar St. and was built between 1986 and 2000. Located at 7298 Fenton Road, the Grand Blanc property was completed in 1998 and expanded in 2005.
The South Carolina property is an 87,543-square-foot facility in Mount Pleasant. NitNeil Partners took out a seven-year, $6.2 million refinancing package for the LifeStorage-managed asset. Loan terms include two years of interest-only payments and a 30-year amortization schedule. Located at 1426 N. Highway 17, the three-story building was completed in 2017. JLL’s Griffin Guthneck secured the financing.
In July, Alliant Credit Union originated a $16.2 million mortgage for Exchange South, a 194,400-square-foot industrial/flex property in Jacksonville, Fla. Walker & Dunlop assisted the borrower, Savlan Capital.