Raleigh, N.C. (June, 2020) -
Berkadia announces it has secured two loans totaling $11,765,000 for the acquisition of two value-add self storage assets located in Raleigh and Durham, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken from Berkadia’s Orlando office, along with Managing Director Saul Hoppenstein of Berkadia’s Boca Raton office, secured the financing on behalf of Liberty Investment Properties, a privately held real estate investment, development, and management firm based in Orlando, Florida.
A life company provided both five-year, fixed-rate loans, at a 65 percent loan to cost. These assets will go into Liberty’s new $20 million opportunistic storage equity fund, which pursues value-add self storage facilities throughout the southeastern United States. Liberty plans to rebrand both assets under their My Neighborhood Storage Center platform. With over 30 years of institutional investment and operations in the storage industry, Liberty is poised for the opportunity to expand its portfolio holdings.
“The sponsor has a proven track record in the self storage facility space and will be able to improve both properties’ performance through a mix of traditional and hands-on guerilla marketing,” said Weinberg.
“We are thankful for the longstanding relationship with Berkadia to successfully execute attractive financing for these transactions during the challenging times facing our economy,” said Adam Mikkelson, President of Liberty Investment Properties.
Built in 2016, the Raleigh Self Storage facility is located at 6401 Town Center Drive in Raleigh, and is a two-story, 72,614-square-foot climate-controlled building with 685 units. The property is strategically located along the interchange of US-1 and Interstate 540, making the facility easily accessible to a population of approximately 81,000 within a 3-mile radius. Built in 2017, the Durham Self Storage property is located at 112 West Seminary Avenue in Durham. It is a 58,729-square-foot, four-story climate-controlled property with 645 units.
Liberty is a privately-held real estate investment, development and management firm focused on income-producing assets and related equity and debt investments on behalf of both individual and institutional investors. They leverage their strengths to provide services and expertise where they can create long-term value.
Liberty, as a result of the consistent application of their management philosophy and investment principals has invested in over 80 properties stretching across the US in asset classes including self-storage, hospitality, office and multi-family with total capital investments in excess of $700 million. To learn more about Liberty Investment Properties, please visit www.libertyprop.com
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.