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Metro Self Storage & Fremont Realty Refinance 20-Property Self Storage Portfolio For $185M

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FINANCED
$185,000,000
Kim Bishop
Mason Brusseau
+ 2

North Carolina

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Self Storage1,550,000 SF
Financed 06/24/2024
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Property Image
FINANCED

Metro Self Storage & Fremont Realty Refinance 20-Property Self Storage Portfolio For $185M

Self Storage1,550,000 SF
Financed 06/24/2024
Kim Bishop
Mason Brusseau
+ 2
Contact now

Summary

Asset Type:Self Storage
Price Per Square Foot:$119
Total Square Footage:1,550,000 SF
Transaction Type:Loan

The self-storage portfolio, located in Illinois, New Jersey, Pennsylvania, Minnesota, New York, and Wisconsin, spans 1,550,000 square feet, comprising 14,215 units. The property was the subject of a $185 million loan to refinance the assets, secured by Metro Self Storage and Fremont Realty Capital.

Summary of transaction details:

The $185 million loan for the self-storage portfolio was facilitated by Värde Partners and arranged by Talonvest Capital, with key individuals including Eric Snyder, Kim Bishop, Lauren Maehler, Mason Brusseau, and Tom Sherlock representing the involved parties in the transaction.

Players

Tom Sherlock
10 deals$450.8M volume
BROKER

Kim Bishop
Talonvest Capital
12 deals$456.3M volume(949) 251-9914
BROKER

Mason Brusseau
Talonvest Capital
9 deals$454.5M volume
BROKER

Lauren Maehler
Talonvest Capital
16 deals$643M volume
BROKER

Eric Snyder
Talonvest Capital
9 deals$353.8M volume(949) 251-9902
BROKER

Värde Partners
LENDER

Details

FINANCED
IMAGE: Mason Brusseau, Lauren Maehler, Jon Miller, Eric Snyder, Tom Sherlock & Kim Bishop DATE: 06/24/2024 ADDRESS: Self Storage Portfolio MARKET: Illinois, New Jersey, Pennsylvania & Minnesota, New York & Wisconsin ASSET TYPE: Self Storage ~ UNITS: 14,215 ~ SF: 1,550,000 LENDER: Jon Miller - Värde Partners LANDLORD: Metro Self Storage; Fremont Realty Capital BROKERS: Eric Snyder, Kim Bishop (@KimLeslieBishop), Lauren Maehler, Mason Brusseau (@MasonBrusseau) & Tom Sherlock - Talonvest Capital (@TalonvestCapital) LOAN AMOUNT: $185,000,000 LOAN TYPE: Refinance LOAN TERMS: three-year initial term with two one-year extension options NOTE: Metro Self Storage and Fremont Realty Capital secured a $185 million loan from Värde Partners to refinance their 20-property self-storage portfolio, spanning six states and totaling 14,215 units. The deal includes a three-year initial term with options for two one-year extensions, arranged by Talonvest Capital, showcasing strong institutional support and confidence in the self-storage sector's growth and stability.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$185,000,000.00

Monthly NOI$1,233,333.33
Monthly Debt Service$1,169,325.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00