1784 Capital Secures $25M Loan for Annapolis Storage Project
ACRES Capital originated the financing for the 751-unit facility.
1784 Capital Holdings LLC has landed $24.9 million in construction financing for the development of Annapolis Self Storage, a 751-unit facility in Annapolis, Md.
Talonvest Capital arranged the loan, funded by ACRES Capital Corp. Managing Director James Bracco of the company’s Miami office originated the financing.
The current deal completes a previous $3 million loan funded by Revere Capital Debt Funds and another $3.3 million loan provided by West Bay Capital, Yardi Matrix data shows.
The development will span 7 acres and will comprise a six-story Class A building and 71,360 net rentable square feet of climate-controlled units. The property will also include two levels below ground.
The development will be located at 94 Old Mill Bottom Road, next to Highway 50, as well as numerous residential areas, retail centers and business parks. It will join three other facilities within a 3-mile radius, offering residents 6 net rentable square feet per capita, which is below the 7.1 national average.
The company’s portfolio currently holds 21 properties and almost 2.6 million square feet across four states. Recently, the firm secured another $17 million in construction financing for 7200 Monogram, a 70,535-square-foot development in North Scottsdale, Ariz.