Wells Fargo Provides $180 Million Refinance Loan For Mini Mall Storage Portfolio Across Seven States
700 County Road 411
$180,000,000
$72/SF
Building Size
2,500,000 SF
Asset Type
Self Storage
Closing
Nov 8, 2024
AI
The asset involves a 61-property Mini Mall Self Storage portfolio located across multiple states including West Virginia, Ohio, Texas, Indiana, North Carolina, Arkansas, and Alabama. The total square footage of the properties amounts to 2,500,000 square feet. The refinancing secured a loan amount of $180,000,000 through Wells Fargo.
Summary of transation details:
- Property Type: Self Storage
- Transaction Amount: $180,000,000
- Asset Address: 61 Property Portfolio
- Market: West Virginia, Ohio, Texas, Indiana, North Carolina, Arkansas, and Alabama
- Lender: Wells Fargo
- Landlord: Mini Mall Storage
- Brokers: Naphtali Marrus & Benjamin (Ben) Nevid - Meridian Capital Group
- Loan Type: Refinance
Senior Vice President Naphtali Marrus and Director Ben Nevid from Meridian Capital Group led the arrangement of this complex financing solution. The team has extensive experience, having closed over $2.5 billion in self-storage deals, and worked collaboratively with lenders such as Citi and JP Morgan in this transaction.
Players
Proctorville Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93