Prestige Storage Acquires Self Storage Portfolio In Western Michigan With $20.3M Loan
FINANCED
$20,300,000
England
See Similar Deals490,302 SF
Financed 04/25/2020
FINANCED
Prestige Storage Acquires Self Storage Portfolio In Western Michigan With $20.3M Loan
Self Storage Portfolio
See Similar Deals490,302 SF
Financed 04/25/2020
Summary
Price Per Square Foot:$41
Total Square Footage:490,302 SF
Transaction Type:Loan
Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property portfolio in western Michigan. The self-storage portfolio spans across Muskegon, Fruitport, Spring Lake, Kent City, and West Olive markets. The total square footage of the portfolio is 490,302, with a total of 2,956 units.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $20,300,000
- Address: Self Storage Portfolio
- Market: Muskegon, Fruitport, Spring Lake, Kent City & West Olive
- Number of Units: 2,956
The acquisition loan of $20.3 million was provided by Spring Lake Storage LLC. The properties were previously owned by a private owner and were successfully sold to Prestige Storage and Peaceable Street Capital.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,300,000.00
Monthly NOI$135,333.33
Monthly Debt Service$128,309.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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