(Read more on the debt and equity markets.)
CHICAGO-Equibase Capital Group LLC, based here, has received $59 million in senior and mezzanine financing for six self-storage properties purchased recently in a joint venture with Extra Space Storage, based in Salt Lake City. The financing was provided by Bank of America and its wholly owned subsidiary, TriSail Capital Corp. The six class A properties total more than 500,000 sf and are located in Florida, Illinois, Massachusetts, New York and Rhode Island.
The financing is being used to retire construction loans for the individual properties, says John Didrickson, principal with Equibase. He would not disclose the terms of the financing.
Equibase Capital Group LLC of Chicago purchased the properties, on behalf of a fund the company manages, in a partnership with Extra Space Storage Inc. Didrickson says he cannot reveal the purchase price of the properties.
Equibase bought the sites on behalf of a fund managed by the company. The portfolio includes more than 5,000 units and more than 550,000 sf of space. The Extra Space Storage properties purchased include 2875 Edson Ave., Bronx, NY; 590 Revere Beach Parkway, Revere, MA; 1815 Plainfield Pike, Johnston, RI; 2075 S. Military Rd., Lake Worth, FL; 3459 State Route 59, Naperville, IL; and 1610 Old Deerfield Rd., Highland Park, IL. Extra Space Storage is the second largest self-storage operator in the country, Didrickson says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
