Storage Corner Scores Financing for 2 Utah Assets
Working on behalf of the borrower, Gantry secured the 7-year, fixed-rate loan.
Uptown Storage. Image courtesy of Gantry
Storage Corner Group has landed $7.7 million in permanent financing for the 60,000-square-foot Uptown Storage in Salt Lake City and the 75,000-square-foot Central Storage & Business Park in St. George, Utah. Director Charlie Kokernakof of Gantry secured the 7-year, fixed-rate loan, funded by one the firm’s correspondent lenders.
In the past year, Gantry has been active in the self storage market. In May, the firm secured $130 million in financing for six facilities totaling 600,000 rentable square feet on behalf of Trojan Storage. The firm’s activity also included four mortgages totaling $120 million for the construction, repositioning and stabilization of nine assets across four states, transactions that closed in July.
Two Utah self storage properties
The Salt Lake City facility occupies a 2.5-acre site at 463 S. 600 W. Uptown Storage comprises five buildings with a mix of non-climate- and climate-controlled units ranging from 24 to 360 square feet, with drive-up access.
The property is one of the 24 storage facilities available within a 3-mile radius; the facility is in a largely penetrated area with 11.1 net rentable square feet per capita, well above the 7.1 national average. There are eight properties under construction in Salt Lake City, that will add 540,940 square feet to the existing inventory, Yardi Matrix data shows.
Situated at 1330 W. Sunset Blvd. in St. George, Central Storage & Business Park encompasses mailboxes, climate-controlled units and drive-up units, as well as RV and boat parking. Amenities include an on-site conference room.
