JLL Arranges $158M Loan For Provender Partners' Cold Storage Portfolio In Alabama, Illinois, Nevada & Oakland
Oakland, California, United States
$158,000,000
$158,000,000/SF
Building Size
1 SF
Asset Type
Self Storage
Closing
Jan 25, 2023
AI
The recently closed transaction involves a cold storage portfolio located in Alabama, Illinois, Nevada, and Oakland, CA. The portfolio measures approximately 1,000,000 square feet and is owned by Provender Partners, with Neil Johnson as the landlord representative, and StepStone Real Estate, represented by John Waters.
Summary of transaction details
- Property Type: Cold Storage
- Transaction Amount: $158,000,000
- Loan Type: Recapitalization
- Date: January 25, 2023
- Address: Cold Storage Portfolio
- Market: Alabama, Illinois, Nevada & Oakland, CA
The brokers involved in the deal are Brian Torp and Peter Thompson from JLL. Additionally, the advisory team included Michael Leggett, Sher Hafeez, and Josh Lieberman, also from JLL.
Players
Oakland Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93