North Carolina Storage Assets Receive $29M Refi
The non-recourse bridge loan provided by Skymar Capital Corp. has a fixed interest rate and is set to mature in 2025.
Madison Capital Group has received a refinancing package totaling $29.1 million for a four-property self storage portfolio encompassing 255,064 square feet across 2,355 units in Arden, Asheville, Charlotte and Wilmington, N.C.
Skymar Capital Corp. provided the debt and subsequently assigned the non-recourse mortgage to Oxford Life Insurance Co., according to public records. The bridge financing carries a fixed interest rate over a five-year term and has no lease-up covenants.
The loan encumbers the following properties:
- 2128 Hendersonville Road in Arden;
- 824 Riverside Drive in Asheville;
- 9805 Statesville Road in Charlotte;
- 1113 S. 17th St. in Wilmington.
Completed between 2016 and 2018, the properties feature self storage units ranging from 20 to 300 square feet. The buildings have climate-controlled units, video monitoring and packing and moving supplies for sale.
The Talonvest debt placement team that negotiated the loan on behalf of the borrower included Kim Bishop, Eric Snyder, Mason Brusseau, Tom Sherlock, and Lauren Maehler.
Earlier this month, Talonvest arranged a $15.7 million loan for the acquisition of a 92,500-square-foot self storage facility in Needham, Mass. Westport Properties and Heitman purchased the asset from SSG Development for $25.1 million.