Berkadia Secures $13M Acquisition Loans
- Dec 04, 2019
Berkadia has arranged a total of $12.6 million in financing for the acquisition of two self storage facilities in Colorado and Michigan. Berkadia Senior Managing Director Cutt Ableson and Associate Director Johnny King secured both loans on behalf of Crystal View Capital.
MidCap Financial Services provided a three-year, adjustable-rate $10.1 million loan to finance the acquisition AAA Platte Self Storage, a 308,749-square-foot facility in Colorado Springs, Colo. Located at 4510 Edison Ave., the 877-unit storage asset is just off the intersection between freeways 21 and 24, within 5 miles of downtown Colorado Springs.
Crystal View Capital also received $2.5 million in financing to purchase Stowaway Mini Storage, a 57,325-square-foot building in Portage, Mich. CIBC World Markets provided the 10-year, fixed-rate loan for the 398-unit facility at 9879 Portage Road, 9 miles south from downtown Kalamazoo, Mich.
In November, Berkadia provided $121.5 million to Parkway Properties and Partners Group to finance the acquisition of six office buildings in Tampa, Fla. The properties include WeWork Place, a 19-story building that occupies a city block in downtown Tampa.
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