ASB Arranges $116M Financing for Self-Storage Portfolio
The properties are located in Arizona, Colorado, California, New Jersey and New York.
Storquest Phoenix. Image courtesy of ASB Real Estate Investments
ASB Real Estate Investments and Talonvest Capital have secured $116 million in financing on behalf of its Allegiance Real Estate Fund and its 10-building self storage portfolio. Invesco Real Estate provided the three-year, floating-rate loan.
Allegiance acquired the portfolio in 2018, in a partnership with William Warren Group. Totaling 9,821 units, the assets are located in Phoenix; Denver; San Diego; Los Angeles; Jersey City, N.J.; and Long Island, N.Y. The 785,000-square-foot portfolio is 90 percent occupied.
ASB and William Warren Group also own an additional 12 recently developed self storage buildings comprising 11,115 units and more than 936,000 rentable square feet. The properties are located in New York; Miami; Portland, Ore.; Los Angeles; Seattle; San Diego; and Phoenix.
The Talonvest financing included Eric Snyder, Kim Bishop, Jim Davies, Tom Sherlock, Lauren Maehler, and Mason Brusseau. In January, Snyder, Davies and Maehler arranged a $15.7 million bridge loan from Nassau CorAmerica for the acquisition of a 970-unit self storage facility in Needham, Mass. SSG Development sold the asset to a joint venture for $25.1 million.
