Aries Capital Closes $46M of Financing for Self-Storage Properties
Chicago-based Aries Capital closed $46 million in construction, bridge and permanent debt financing for new and existing self-storage facilities in California, Colorado, Florida and Texas. The financing was arranged on behalf of three separate clients by director of capital markets Brandon Perdeck, director of acquisitions Matt Carney and assistant VP Steve Adams.
The transactions include a $17.5-million construction loan for Diamond Development Partners’ Santa Clarita, CA facility; an $8.65-million, full-term interest-only, CMBS permanent loan for Southern Star Self Storage’s acquisition of a portfolio of four facilities in Colorado, Florida and Texas; and a $19.875-million interest-only loan for the refinancing and phase two construction of Vineburg Wine & Self Storage in Sonoma, CA.
“Self-storage has been an active asset class for Aries Capital,” said Perddeck. “Lenders like its stability and sustainable cash flow and are willing to finance self-storage properties at higher leverage and better pricing” compared to retail.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).