TSB Capital Advisors, a real estate finance advisory firm, has successfully secured $31,000,000 in CMBS financing for an 18 Property Self Storage Portfolio on behalf of Kayne Anderson Real Estate Advisors, LLC and Flagship Investment Group (“Flagship”), a Central Florida based developer, owner and operator of self-storage facilities under the “StorKwik” brand. The portfolio consists of 18 self-storage properties totaling 7,659 units and 975,551 rentable square feet. TSBCA secured the financing with Wells Fargo and GE Capital.
Significant capital and operational improvements are planned to the properties, which are located in Indianapolis, IN; Cleveland, OH; and Canton, OH. With this acquisition, Kayne Anderson and Flagship now own 29 self-storage facilities operated under the “StorKwik” brand in six markets across the U.S. representing a total of 14,780 storage units with 1,861,176 square feet.
The 10 year, fixed rate, non-recourse loan closed during a turbulant time in the market. “Our ability to secure such a competitively priced, low cost loan speaks volumes about the quality of the project and our ongoing relationships lenders such as Wells Fargo and GE Capital,” said Tim Bradley, President of TSBCA.
