MESSENGER NEWS
represents its first solar projects in California. Nine of the Cali- fornia projects have already been completed, with locations near Sacramento and Woodland, while eight additional projects will be constructed by year’s end. The remaining projects in the Northeast are expected to be completed in late 2022. These proj- ects will serve Life Storage’s ESG goals by improving their energy consumption profile and overall environmental footprint.
Strategic Storage Trust Expands Portfolio Strategic Storage Trust VI, Inc., a publicly registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., recently announced the acquisition of an approximately 490-unit
facility in St. Johns, Fla. The facility
includes two two-story buildings and a detached two-story leas- ing office. It features approximately 60,000 square feet of rental space with a mix of interior climate-controlled units, drive-up units, and outdoor RV parking. This is the 14th acquisition in SST VI and its first acquisition in the Greater Jacksonville Market.
NSA Promotes Cramer National Storage Affiliates Trust (NSA) has promoted David Cramer from his role as executive vice president and COO to president and COO. The promotion acknowledges Cramer’s current and growing responsibilities and ongoing contributions to NSA’s success.
Legal
Retail Sales Spark Suit A Liberty Mutual unit recently told a federal court in Florida that it doesn’t owe coverage to a self-storage business in an underly- ing personal injury suit accusing the company of negligently selling fireworks to a minor, stating that bodily injury coverage pertains only to the company’s self-storage operations, not retail sales. Safeco Insurance Co. said it has no duty to defend or indemnify TNT Buyers LLC and that it has no liability to TNT or Brandy Grantham, who filed the underlying suit on behalf of her son, the minor who purchased the fireworks at the self-storage facility. The outcome of this particular suit is unknown, but it highlights the need for proper insurance coverages for all on-site businesses.
Mixed-Use Requirement On The Table In Jacksonville, Fla., one developer’s proposal to build a facility to the Southbank started a debate about downtown develop- ment. Council members considered legislation that would allow personal storage facilities in the downtown overlay, which was created in 2019. The bill requires such buildings to have a mix of retail, restaurants, and office space on the first floor. One council member believes, “Storage facilities have zero place in down- town. They are dead space. No one wants to live next door to one. We have plenty of places within a five-minute drive where they are legal.” The Land Use & Zoning Committee approved the change to ordinance six to one, but the council as a whole kicked it back to the committee.
30 September 2022 •
MiniStorageMessenger.com
Finance
Talonvest Negotiates Loan Talonvest Capital, Inc., and Store Space Self Storage has announced the closing of a $300 million bridge lending facility negotiated to support
the strategic partnership between Store Space and a Canada- based global real estate company. The venture is capitalized to build a $1 billion portfolio of institutional quality self-storage assets across the U.S. The loan facility, funded by a British univer- sal bank, includes an accordion feature to increase the facility to $500 million, a low SOFR-based floating rate during the three- year
term, and two 12-month extension options. Additional
benefits negotiated include earn-out advance opportunities and interest-only payments for the life of the loan. The Talonvest team members responsible for this assignment included Thomas Sher- lock, Eric Snyder, Jim Davies, and Ivan Viramontes.
Gantry Secures Financing Gantry has secured $7.7 million of permanent
financing for
two facilities in Utah totaling 135,000 square feet of rentable space. The assets include Storage Corner Group’s 60,000-square- foot Uptown Storage in Salt Lake City and 75,000-square-foot Central Storage and Business Park in St. George. Gantry’s Charlie Kokernak, director with the firm’s Portland office, secured the permanent financing on behalf of the borrower. The concur- rent seven-year, fixed-rate loans with upfront interest-only periods were placed with one of Gantry’s correspondent life company lenders.
MMCC Arranges Financing Marcus & Millichap Capital Corpo- ration (MMCC) has arranged $14.4 million in financing for
two self-
storage properties: Empire Lockers, a 45,384-rentable-square-foot facility in Medford, Ore., and All About Storage, a 130,510-rent- able-square-foot facility in La Vista, Neb. The financings were secured by MMCC’s Phillip Gause, first vice president, based in Denver. The $7.2 million 10-year fixed-rate loan for Empire Lockers has an LTV of 60 percent and an interest rate of 3.75 percent. The $7.19 million 10-year term loan for All About Storage has an LTV of 60 percent and an interest rate of 4.125 percent.
Financing Arranged By JLL JLL Capital Markets has
arranged
$33.2 million in financing for Stor- age Post’s new four-story, 2,388-unit facility on Staten Island. JLL worked
on behalf of the borrower, Storage Post Self Storage, to secure the loan through SoundPoint Capital, an alternative asset manage- ment firm based in New York with $28.9 billion of assets under management. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steve Klein, Director Robert Tonnessen, Vice President Jackie Ferrer, and Associate Ricky Song.
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