Storage auctions: find storage unit auctions, public storage, Auctionzip, find auctions anywhere. Florida storage facilities - fl public storage locations, Compare from 282 affordable self-storage units in florida self-storage facilities in florida. Storage auctions: find storage unit auctions, public storage - Auctionzip, find auctions anywhere. Copyright © 2014 Special Gift, All trademarks are the property of the respective trademark owners. Self-storage operators looking to finance or refinance properties are weighing the pros and cons of CMBS loans.
Self-storage is relatively straight forward and underwrites much like a multifamily property. Greystone, which has typically been an apartment lender, recently expanded into self-storage financing. In some cases, CMBS is a good option for borrowers who have poor liquidity but have a lot of trapped equity in their properties. Similar to life insurance loans, CMBS loans are non-recourse, whereas banks loans generally have some recourse.
In addition, the long-term nature of CMBS might not be a good fit for every borrower, given the pre-payment penalties, Hill said.
Although CMBS loans are assumable, CMBS might not be the best option for an operator expecting a facility transition to occur during the loan term, such as a sale or expansion. The best advice for operators pursuing CMBS is to work with an experienced adviser, such as a mortgage broker or legal counsel, who can help navigate the process.
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond. Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead.
The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. Extra Space inked a deal to acquire 17 facilities in Virginia from Mini Price Storage for about $200 million. Salt Lake City-based Extra Space gobbled up another portfolio consisting of 20 facilities and 1.4 million square feet.


In another sign that the self-storage acquisition market is on fire, Strategic Storage Trust Inc. Strategic Storage Trust, a publicly registered, non-traded REIT specializing in self-storage, bought five facilities in the Dallas-Fort Worth and Midland areas in Texas, and four facilities in Alabama and Tennessee. Austin, TX-based Virtus Real Estate Capital LLC, in a joint venture with McKinney, TX-based Advantage Storage, bought a 59,400-square-foot self-storage facility in Oklahoma City for $3.8 million. Morningstar Properties LLC bought three properties in two states for a combined $17.7 million. In October, Morningstar sold a 43-property portfolio it owned jointly with Harrison Street Real Estate Capital LLC. Walnut Creek, CA-based Pegasus Group bought Pearl Self Storage, a 68,646-square-foot self-storage facility in Portland, OR, for $18 million from Walt Bowen. Monrovia Stor-All LLC purchased a 63,398-square-foot self-storage facility in Covina, CA, for $6.9 million. CubeSmart LP sold a 119,085-square-foot self-storage facility in Memphis, TN, for $7.9 million. Wave Crest Investments LLC bought an 85,684-square-foot self-storage facility in Melbourne, FL, for $3.7 million. Value Self Storage, an 82,295-square-foot self-storage facility in Holiday, FL, was sold for $3.5 million.
Cross Creek Storage, a 69,984-square-foot self-storage facility in Tampa, FL, was sold for $4.8 million. New York City-based Andover Properties LLC, doing business as Storage King USA, bought a 64,323-square-foot self-storage facility in Chattanooga, TN, for $3.3 million. Thanks to stable cash flow, self-storage also is viewed favorably by bond buyers who purchase CMBS (commercial mortgage-backed securities). The company, which focuses on deals greater than $5 million, completed its first loan in April. However, many lenders will consider anything over $3 million, there’s a group of lenders that offer specialized loans between $1 million and $5 million. Now, CMBS offers a loan-to-value ratio of about 75 percent for self-storage, with some ratios going up to 80 percent when good borrower credit and strong facility financials are in place, Russell said. Traditional lenders struggle with borrowers that don’t have a strong cash balance sheet, whereas CMBS lenders will readily finance a borrower’s liquidity.


So, that’s a deal that CMBS lenders can entertain, while a local bank might struggle with it, he said. CMBS issuers do offer five- and seven-year products, but the majority of loans fall into the 10-year category. For example, a bank might offer a 20- or 25-year amortization period, while 30-year amortization is readily available in the CMBS market. Due to the CMBS process—creating bonds from the loans by securitizing and selling them in pools to investors—the loan structures are fairly rigid. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. Carey joined forces in 2009 to acquire unstable properties, turn them around and sell them.
Ladera Ranch, CA-based Strategic Storage Trust said it paid about $27 million for the Texas portfolio and about $37 million for the Alabama and Tennessee portfolio.
The company also acquired an 81,860-square-foot facility in Bentonville, AR, for $4.27 million. The facility was purchased by a private investor in New York and sold by a local private investor. Greystone provided a $26.25 million loan to Elite Stor Capital Partners in West Palm Beach, FL, for its purchase of 23 self-storage facilities in Ohio and Kentucky. Once deals get above $3 million, the majority of mainstream lenders will compete for that business, Hill said. By comparison, life insurance companies generally offering 60 percent to 65 percent leverage, and banks might go as high as 70 percent. CMBS pre-payment penalties are designed to protect the bond holders, whereas banks can be much more flexible regarding pre-payments. In 2003, the facility was converted from a big-box retail store to a 495-unit storage facility.



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