Sacramento Storage Property Receives Refi
- Jul 30, 2020
Seaview Financial has taken out an $8.6 million CMBS loan for Sundance Self Storage, a property encompassing 96,765 square feet of net-rentable space in Roseville, Calif. Wells Fargo provided the non-recourse mortgage, according to public records.
Note terms include an upper 3 percent fixed interest rate, cash out and 10 years of interest-only payments. The new origination replaces a $5.8 million financing package that Exchange Bank provided for the borrower in 2016, Yardi Matrix shows.
Located on 5 acres at 1351 Baseline Road, the property encompasses nine single-story buildings completed in 2003. The facility offers 688 drive-up access units ranging from 25 to 480 square feet. Additionally, the store has an on-site manager, security cameras, door alarms, moving supplies and truck rentals.
The owner has also started the development of Sundance Self Storage’s second phase on a 5-acre parcel right across the street from the property. In 2019, the company received an $8.1 million construction loan from Exchange Bank for the 92,660-square-foot project, according to Yardi Matrix data.
The brokerage team that facilitated the financing included Talonvest Capital Principals Eric Snyder and Jim Davies, along with Erich Pryor, Lauren Maehler and David DiRienzo. Last month, the company secured two mortgages totaling $19.2 million for two separate self storage companies.