TurnCap recently deployed $6.85 million to refinance a 64,000 SF, 674-unit, Class A self-storage facility located in Asheville, NC. The facility has been well received in the market as proven through its strong leasing momentum, and Class-A distinction amongst many other Class-B self-storage facilities since coming online in late 2019. The Sponsor sought a bridge loan to recapitalize a portion of their costs, and to provide a flexible loan term for the asset to season rents and raise occupancy to stabilized levels before evaluating a permanent refinance or a sale.
The facility is located in a high traffic, high visibility area that sees an average of 41,000 vehicles per day. Additionally, the facility benefits from five apartment communities within a one-mile radius and well-above average household income. The quality of the asset along with its newer vintage and climate-controlled units differentiate it amongst other typical self-storage facilities in the market, helping to further drive rents and occupancy.
The Sponsor for this transaction is a repeat TurnCap Sponsor, and an active developer with over 3,000,000 SF of storage space under ownership scattered across the Southeast. Their experience in development ranges from multifamily to self-storage and have totaled transactions in excess of $1.5B since inception in the late 2000’s.