Austin, Dallas Storage Assets Receive $13M in Refis
- Aug 28, 2020
A partnership between The Jenkins Organization and Clark Investment Group has received two non-recourse bridge loans totaling $12.7 million for two self storage properties in Austin and Southlake, Texas. The Lakeline Storage and Southlake Storage facilities encompass 1,339 units spread across a total of 161,670 net rentable square feet.
Lakeline Storage sits on a 2-acre parcel at 11000 Lakeline Blvd. in Austin. The three-story building was completed in 2017. The property provides climate-controlled units ranging in size from 25 to 300 square feet. In June, Skymar Capital Corp. originated a three-year, $6.1 million loan for the facility and subsequently assigned the note to Oxford Life Insurance Co., according to Williamson County records.
Located on 2 acres at 2030 E. Continental Blvd., the three-story Southlake Storage property was delivered in 2019. The facility has climate-controlled units with sizes between 25 and 450 square feet. Skymar Capital Corp. provided a four-year $6.6 million loan and assigned it to Oxford Life Insurance Co., public records show.
Both mortgages carry low 4 percent fixed interest rates, several years of interest-only payments and a step-down prepayment schedule. Additionally, Oxford Life Insurance required no ongoing leasing covenants for the refinancing packages.
The Talonvest Capital team that secured the notes for the borrower included David DiRienzo, Eric Snyder, Jim Davies, Kim Bishop and Lauren Maehler. In July, the company arranged an $8.6 million CMBS loan for a 96,765-square-foot self storage property in Roseville, Calif.