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September 22, 2021
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Gantry Arranges $120 Mil of Financing in Four Self-Storage Deals

8/02/21

Gantry arranged $120 mil of new commercial mortgages in four transactions across nine self-storage assets. Permanent loan solutions were tailored to each asset, which were each unique in their phase of construction, redevelopment or stabilization. The individual transactions include a major expansion of an existing facility, two construction loan take-outs at Certificate of Occupancy, and a multi-state portfolio of six new construction or recently acquired properties in various phases of lease-up and value add strategies.

Transaction highlights include:

• Trojan Self Storage Portfolio: $59.06 mil of permanent financing for six recently developed and/or newly acquired Trojan-branded self-storage properties totaling 4,332-units located across California, Oregon and Washington. Highlights include a sub-3% long term fixed rate and interest-only introductory periods across each individual loan.
• Nova Storage: $24 mil of permanent financing for a three-story, 950-unit self-storage facility in Greater Los Angeles. The existing facility is stabilized, and the property is currently undergoing a strategic expansion, with construction set for completion in Q2 2022. Highlights include a long-term fixed rate perm loan that provided take out financing on the existing asset as well as providing funds for the expansion of the facility. The loan has an initial funding for the stabilized portion of the facility and construction financing; with an earn-out available upon stabilization of expansion as “good news money”.
• Scottsdale Self Storage/StorAmerica: $23 mil of permanent financing for a recently developed 923-unit self-storage facility in Scottsdale, AZ. Highlights include a sub-3% rate, interest-only introductory period transitioning to 30-year amortization, and a seven-year term.
• Surprise SelfStorage/StorAmerica: $15 mil of permanent financing for a 478-unit self-storage facility in Surprise, AZ. Debt includes partial funding for an additional 228 units now under construction. Highlights include a sub-3% rate, interest only introductory period transitioning to 30-year amortization, and a seven-year term.

The deals were arranged by Gantry’s Andy Bratt, Amit Tyagi and Spencer Seibring. The loans were funded through life insurance company lending institutions.




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