Get Space LLC has received a $16 million non-recourse financing from EquiTrust Life Insurance Co. for two self storage facilities in Portland, Ore., and Vancouver, Wash. Talonvest Capital negotiated the 10-year term loan, which includes fixed rates, a 12- to 18-month early rate lock, and 30 months of interest-only payments.
Extra Space Storage manages the two assets that have a combined 1,257 units and include both climate- and non-climate-controlled spaces.
Located at 4403 SE Johnson Creek Blvd., the Portland facility consists of one three-story building that was renovated and expanded in 2018. The property encompasses 68,700 rentable square feet with units ranging between 12 and 400 square feet.
The 2018-built Vancouver property is located at 6907 NE Ward Road and comprises three buildings totaling 76,420 rentable square feet. Unit size ranges between 12 and 400 square feet, and the facility features additional exterior storage spaces.
Associate Director Erich Pryor, Senior Associate David DiRienzo, Principal Jim Davies, and Co-Founder Tom Sherlock were part of the Talonvest team that arranged the loan. The financing deal comes less than two months after Talonvest negotiated a $22 million loan for a 1,090-unit facility in Scottsdale, Ariz.
The self storage sector continues to perform well nationwide. According to a recent Yardi Matrix report, street rates increased by 10.7 percent for 10×10 non-climate-controlled units and by 12.8 percent for 10×10 climate-controlled units year-over-year in May.