Red Oak Funds Acquisition of Site for Self-Storage Conversion
Red Oak Capital Holdings, LLC, a Grand Rapids, Michigan-based commercial real estate finance company, provided capital for the acquisition and conversion of a vacated Kmart store located at 360 W. National Road in Englewood, Ohio.
The $5.5 million bridge loan will allow the borrower, United Storage 360, LLC, to acquire the property and convert it into an Extra Space Storage-branded self-storage facility. The loan will support the redevelopment of the roughly 85,000-square-foot building that was built in 1975 into a modern 60,000-square-foot self-storage facility containing 546 units.
Located northwest of Dayton, the facility is surrounded by industrial uses, multifamily complexes, and single-family residential developments. The sponsor plans to exit Red Oak’s bridge loan with permanent financing or a sale following the completion of renovations, which are scheduled for late 2023.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.