Red Oak Capital Holdings Provides $5.5M Bridge Loan For Self Storage Conversion In Englewood, Ohio

The Michigan-based Red Oak Capital Holdings, LLC has provided a $5.5 million bridge loan for the acquisition and conversion of a vacant Kmart store located at 360 West National Road in Englewood, Ohio. The property, which spans 85,000 square feet, will be transformed into a 60,000-square-foot Extra Space Storage facility, with construction expected to be completed by late 2023.

Summary of transaction details

• Property Type: Self Storage
• Transaction Amount: $5,500,000
• Address: 360 West National Road, Englewood, Ohio
• Market: Englewood, Ohio
• Lender: Red Oak Capital Holdings, LLC - Gary Bechtel
• Landlord: United Storage 360, LLC

Gary Bechtel, representing Red Oak Capital Holdings, LLC, facilitated the bridge loan for this transaction, enabling the purchase and conversion of the vacant Kmart store into an Extra Space Storage facility. United Storage 360, LLC will serve as the landlord for the property.