Suburban Sacramento Mixed-Use Asset Receives $19M Refi

Voya Financial originated the loan, which encumbers 189,229 square feet of retail and 1,263 self storage units.
Elverta Crossing Shopping Center / Self-Storage

DealPoint Merrill has taken out a $19.4 million refinancing package for Elverta Crossing Shopping Center / Self-Storage, a mixed-use property encompassing 189,229 square feet of retail and 95,608 square feet of self storage space in Antelope, Calif. Voya Financial provided the mortgage, according to Yardi Matrix data. Life Storage oversees management for the asset.

The new senior note retires old debt, a $17.4 million acquisition and development loan that Benefit Street Partners provided for DealPoint Merrill in 2018. The company acquired two adjacent shopping centers for a total of $16.2 million and ultimately merged the two properties.

Following the acquisition, the firm converted 95,608 square feet of retail space into self storage units. Located on 16 acres at 8135 Watt Ave., the property provides 1,263 climate-controlled units ranging between 25 and 200 square feet. The facility has an on-site manager, video monitoring and RV/boat parking.

The site is across the street from a Walmart Supercenter and 5 miles from Interstate 80. Downtown Sacramento is 14 miles southwest. Additionally, there are at least 19 other self storage facilities encompassing 1.2 million square feet within a 3-mile radius, Yardi Matrix shows.

Earlier this month, DealPoint Merrill paid $4 million for a former Kmart shopping center in Urbandale, Iowa. The company will transform the property into a 131,000-square-foot self storage asset.