Berkadia announces it has arranged financing on behalf of Crystal View Capital, a private investment firm based in Las Vegas, Nevada, for its acquisition of two self-storage facilities. Senior Managing Director Cutt Ableson and Associate Director Johnny King of Berkadia’s Houston office secured two loans totaling $12.62 million for Crystal View Capital’s acquisition of AAA Platte Self Storage in Colorado Springs, Colorado and Stowaway Mini Storage in Portage, Michigan (Kalamazoo MSA).
MidCap Financial Services provided a three-year, adjustable-rate loan of $10.1 million for AAA Platte.
CIBC World Markets provided a 10-year, fixed-rate loan of $2.52 million for Stowaway.
“Both the Colorado Springs and Kalamazoo markets are defined by strong population and employment growth with an undersupply of self-storage inventory,” explained King. “The business plans for both assets were vastly different and our team strategically identified two capital partners ideal for helping the client execute on their vision.”
Located at 4510 Edison Avenue in Colorado Springs, AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base.
Located at 9879 Portage Road in Portage, Stowaway Mini Storage is a 57,325-square- foot, 398-unit self-storage facility located within the Kalamazoo-Portage MSA, approximately 15 minutes south of downtown Kalamazoo.
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.