National Self Storage Portfolio Secures $222M
- Feb 15, 2019
A SmartStop Self Storage portfolio, totaling 39 facilities in 12 different states across the U.S., has secured $221.5 million in financing. KeyBank arranged the financing for the three loans, which were provided in two separate transactions.
A $90 million, non-recourse loan was secured by 29 SmartStop storage assets, which encompass a total of 17,283 units situated in California, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. The floating-rate loan, structured with a five-year interest-only term, will be used to refinance existing debt. An additional $27.5 million mezzanine loan was provided to the sponsor.
The second transaction includes a $104 million, non-recourse loan, secured by 10 SmartStop self storage properties totaling 6,898 storage spaces, located in California, Florida, Massachusetts, Nevada and South Carolina. The 10-year, interest only, fixed-rate loan will also be used to refinance existing debt.
Senior Vice President Randy Martin of KeyBank’s Commercial Mortgage Group arranged the financing. In January, KeyBank also arranged an $8.8 million acquisition financing on behalf of NorthBridge Partners.
Image courtesy of KeyBank