Greysteel Arranges Financing of Houston-Area Storage Asset
- Nov 05, 2018
Greysteel has arranged the acquisition financing of Preferred Mini Storage, a 73,759-square-foot facility in Conroe, Texas. The firm’s Dallas-based office secured the interest only non-recourse bridge loan on behalf of the borrower, Pinnacle Storage Properties.
Preferred Mini Storage is situated at 4300 W. Davis St., just off Freeway 105 and near Interstate 45, approximately 42 miles from downtown Houston. The area is surrounded by many apartment communities encompassing about 2,900 units within a five-mile radius, Yardi Matrix data shows.
The 572-unit Preferred Mini Storage facility was built in 1996 and expanded in 2017. Unit sizes range from 25 to 300 square feet. Additional characteristics include climate control, drive-up access and security cameras. Preferred Mini Storage also offers on-site management and 24-hour access.
“The addition of this property to our rapidly growing portfolio gives us additional efficiencies and synergies across our management platform. By utilizing bridge financing for the acquisition, we are able to create additional value through lease-up, management and improvements which can be leveraged with long-term financing down the road,” stated Robby Dunn, chief investment officer of Pinnacle Storage Properties, in prepared remarks.
Greysteel’s team included Senior Finance Associate Daniel Hartnett. Last month, the firm also arranged the acquisition financing of a 463-unit Extra Space Storage facility in Houston.
Image courtesy of Greysteel