Seattle Self Storage Asset Scores $14M Refi
- Feb 05, 2020
Catalyst Storage Investors has received $13.8 million in fixed-rate financing for a Class A self storage asset in Seattle. Talonvest Capital Inc. secured the non-recourse, 10-year, full-term interest-only CMBS refinancing loan on behalf of the borrower.
Built in 2014 by Catalyst Storage, the four-story property encompasses 851 climate-controlled units across 64,689 net rentable square feet. Located at 3736 Rainier Ave. S. on roughly 0.7 acres, the property is less than 4 miles southeast of downtown Seattle. The surrounding area includes many residential neighborhoods between Interstate 5 and the Lake Washington shoreline. Yardi Matrix data shows that there is only one other self storage property within a 1-mile radius, a U-Haul facility at 2515 Rainer Ave. S.
The Talonvest team working on the deal included Senior Manager Kim Bishop, Principal Jim Davies, Analyst David DiRienzo and Loan Administrator Lauren Maehler. In December 2019, Talonvest also arranged a $12 million CMBS loan for an Extra Space Storage facility in McLean, Va.