Berkadia Finances Three Seattle-Area Self-Storage Facilities
- Jan 19, 2015
By Alex Girda, Associate Editor
Berkadia’s Seattle office recently completed $21 million in combined loan financings for three different self-storage facilities. The commercial real estate company arranged the financing for the properties located throughout the Puget Sound area. The borrower is Ray Moore Construction, with the company working with a Berkadia team led by Senior Vice President Louis Weisman. The loans were 10-year, interest only and fixed rate, secured through a major Wall Street lender.
The three self-storage assets are currently under the ownership of Stor More Self Storage, and are located in West Seattle, Burien and Auburn. According to the announcement, the full-term loans have a 4.45 percent interest rate and a loan-to-value ratio of 65 percent. At the time of the transaction, the three facilities had an average vacancy rate of around 5 percent. According to Louis Weisman, the company was able to complete the necessary underwriting and funding process in just 45 days. Berkadia highlighted that the swiftness of the process is mostly due to its expertise in the Seattle-area market.
The storage units available in the three-property portfolio owned by Stor More Self Storage range in size from smaller five-by-five-foot units to larger 10-by -30-foot units. The properties feature temperature control, gated security, heated units and drive-up units, as well as an amenity package including RV stalls, mailboxes and leased commercial space.