Suburban Boston Storage Facility Trades for $25M
Nassau CorAmerica originated a $15.7 million loan for the acquisition of the 970-unit property in Needham.
A joint venture between Westport Properties and Heitman has completed the $25.1 million acquisition of a newly delivered 970-unit self storage facility encompassing 92,500 square feet in Needham, Mass. SSG Development sold the property, Yardi Matrix data shows.
The new owner financed the purchase with a $15.7 million bridge loan from Nassau CorAmerica, according to Norfolk County records. The non-recourse mortgage carries a variable interest that starts at 4 percent, has interest-only payments for the full term and two one-year extension options.
In November 2019, the seller and developer acquired the land for $5.8 million from a private investor. The developer financed the project with an $18.2 million construction loan from Cambridge Savings Bank.
Located on a 2-acre parcel at 540 Hillside Ave., the property was delivered in 2020. The fully climate-controlled facility has units with sizes between 15 and 300 square feet. The three-story building has passenger elevators, video monitoring, an on-site manager and sells moving and packing supplies. The site is approximately 16 miles west of downtown Boston.
The Talonvest Capital team that secured the loan for the buyer consisted of Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler, and Jim Davies. In December, the brokerage company arranged a $59.5 million refinancing package for a 311,800-square-foot self storage portfolio. The three facilities are located in Hewlett, Garden City and Oceanside, N.Y.