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10/25/24
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Storage Corner Group, a Bay Area based self-storage and light-industrial focused investment firm, has obtained a $7.5 mil permanent loan for the acquisition and recapitalization of Storage Corner Marina and Marina Business Park, a 116k sf property in the Monterey County city of Marina.
The property, located at 218-224 Reindollar Ave, features a mix of self-storage, industrial, and retail uses. Originally built in phases through the 1970s-80s, the new ownership has already begun a comprehensive rehabilitation and active management program, since closing.
The six-year, non-recourse loan was funded through an insurance lenders and features an attractive fixed rate with partial term interest only followed by 30-year amortization. It was arranged by Charlie Kokernak with Gantry. According to Kokernak, the deal was underwritten as a strategic value-add acquisition
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