Berkadia Finances Three Self Storage Facilities in Seattle for a Combined total $21 Million
Berkadia has recently financed three Seattle self storage facilities in Seattle for a combined total of $21 million. Owned by Stor More Self Storage, the three individual properties are located in the Auburn, Burien, and West Seattle.
Ray Moore Construction, the borrower, worked with Louis Weisman, Senior Vice President of Berkadia, and his team during the transaction, in which the loans were set to 10-year fixed rate and interest only. Each storage facility had an average vacancy rate of near 5% at the time they were financed.
The facilities offer climate-controlled unit options, drive-up units, gated security, heated units, leased commercial space, mailboxes, and RV spots. Unit sizes available range from under 5×5 to over 10×30.
Source: Commercial Property Executive