Metro Storage Lands $78M Refi for 8-Property Portfolio
- May 22, 2019
Metro Self Storage has secured a $78 million refinancing loan for an eight-property portfolio in Illinois, New Jersey and Pennsylvania. Working on behalf of the borrower, Talonvest Capital negotiated the non-recourse, four-year loan.
The properties, totaling approximately 630,000 square feet, are located in suburban areas of Chicago, New Jersey and Pennsylvania. Five of the locations opened between June 2017 and November 2018, while the other three facilities have recently received Certificates of Occupancy. All of the storage facilities are climate-controlled and are situated in densely populated, high visibility areas.
The loan, provided by an insurance company, includes full-term IO payments as well as reserves for interest and operations at the properties. The loan was structured with a 12-month extension term and release provisions after the 12th payment date of the loan term. A Talonvest team of Kim Leslie Bishop, Jim Davies, Tom Sherlock and Eric Snyder represented Metro Self Storage in the transaction.
Last summer, Metro Storage secured a $47.4 million bridge loan for a seven-property storage portfolio in four states—Minnesota, Wisconsin, New Jersey and Illinois. Meanwhile, just this week, the company opened a 71,335-square-foot facility in a former Target store in Austell, Ga.