HFF Arranges Refi for NC Storage Facility

The firm’s debt placement team arranged the loan on behalf of Madison Capital Group, to refinance a 719-unit property located in Wilmington N.C.
Go Store It Wilmington. Photo via Google Street View

HFF has arranged $7.5 million in refinancing for Go Store It Wilmington, a recently completed, 77,163-square-foot self storage facility in Wilmington, N.C., according to Yardi Matrix. The firm secured the loan on behalf of the borrower, Madison Capital Group, through Union Bank and Trust.

Located at 7135 Market St., the facility occupies 4.8 acres near Freeway 17, approximately 6 miles from downtown Wilmington. The self storage asset is also located close to the University of North Carolina Wilmington and Wilmington International Airport. Completed in 2018, the class A property encompasses 719 climate-controlled units, averaging 107 square feet. Characteristics of the facility include covered unloading area, freight elevators, 24-hour video surveillance, security lighting and landscaping.

“We were pleased to be able to assist Madison Capital Group in recapitalizing this asset,” said Travis Anderson, senior managing director at HFF, in prepared remarks. “Madison’s ability to recognize a tremendous site within the market and to deliver a best-in-class product made this deal an attractive refinance opportunity. And as always, Union Bank was tremendous to work with.”

HFF’s debt placement team included Anderson and Director John Gavigan. Earlier this month, HFF arranged a $32 million loan on behalf of Hidrock Properties to refinance the real estate development firm’s Manhattan office property at 35 W. 36th St.