KeyBank Arranges $13M Loan for Self-Storage Portfolio in CO, MI
- Dec 19, 2017
KeyBank Real Estate Capital has originated $12.5 million in CMBS, first mortgage loans for a three-property self-storage portfolio totaling 185,172 square feet in Colorado and Michigan. KeyBank arranged the loans with 10-year terms, five-year interest-only periods and 30-year amortization schedules. Loan proceeds will refinance existing CMBS debt.
The portfolio includes Mini U Storage Denver, a 65,660-square-foot facility that received a $4.3 million loan. Built in 1976, the asset comprises 12, one-story buildings, featuring 484 units and a leasing office.
Mini U Storage Livonia, a 73,875-square-foot facility, comprising 603 units in Michigan, also received a $4.3 million loan.
The third asset, Mini U Storage Highlands Ranch in Colorado received a $3.9 million loan. Built in 1984, the 430-unit property consists of two, one-story buildings and features 16 RV/boat storage spaces and a leasing office. All three properties underwent capital improvements between 2014 and 2017.
John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the loans. Earlier this year, KeyBank’s John Hoffmann shared his bird’s-eye view of commercial real estate lending and the forces that shaped the industry throughout the year.
Image courtesy of KeyBank