Greysteel Arranges Financing of Houston Storage Facility
- Oct 15, 2018
Greysteel has arranged the acquisition financing of a 463-unit Extra Space Storage facility in Houston. The firm’s Dallas-based office secured the non-recourse bridge loan on behalf of Montfort Capital Partners. The borrower plans to invest in renovating the storage facility.
The self-storage facility is located in Northwest Houston at 22300 Highway 249, just off 249 Access Road and Spring Cypress Plaza Drive and around 26 miles from downtown Houston. Additionally, the facility will serve the communities of Louetta, Kohrville, Tomball and Cypress. The storage asset features climate-controlled units, ranging from 25 to 400 square feet, as well as 53 parking spaces. Other characteristics of the facility include on-site management, security cameras, electronic gate access, RV storage and warehouse space.
“This opportunity was a value-add investment for the borrower,” said Senior Finance Associate Daniel Hartnett of Greysteel, in prepared remarks. “With the current occupancy sitting at 70 percent, the borrower plans to invest extensive capital improvements into the facility. By bringing on Extra Space as the new third-party property managers, it will help them increase occupancy and stabilize the facility by capitalizing on Extra Space’s advanced technologies and efficiencies.
Earlier this year, Greysteel also arranged the acquisition financing of a 480-unit facility located in Garland, Texas.
Image courtesy of Greysteel