Finance   ·   Refinance

William Warren Group Lands $43M for Three Self-Storage Sites

MetLife and Barclays provided the debt package, including $25 million tied to a facility in Southern California

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The William Warren Group has secured permanent financing for three self-storage properties across three states, further emphasizing self-storage as one of the most stable and in-demand alternative asset classes.

The Santa Monica-based self-storage developer secured a $42.6 million debt package tied to its facilities in Hawthorne, Calif., Waipahu, Hawaii, and Denver. MetLife and Barclays provided the funds, Commercial Observer has learned. 

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Talonvest Capital’s Eric Snyder, Kim Bishop, Will Hainlen and Lauren Maehler arranged the financing on behalf of the borrower.

The largest of the three loans was $25 million tied to the Hawthorne property, a 113,745-square-foot facility, managed by StorQuest Self Storage, at 4959 West 147th Street. MetLife originated the five-year loan. 

The remaining two loans were $9 million tied to a StorQuest facility at 94-299 Farrington Highway in Waipahu, and $8 million tied to a StorQuest facility at 5200 East Evans Avenue in Denver. Barclays originated both 10-year, commercial mortgage-backed securities loans.

Self-storage is in demand across the U.S., but some of the biggest debt and sale deals are coming out of the West Coast and Northeast. In August, Etude Capital and San Felipe Financing secured a $115.2 million loan from Bank of America to acquire nine properties across California and Nevada. Less than a year previously, Hines paid $91 million for a single self-storage property in Cerritos, Calif., the largest single-asset self-storage sale in history, broker CBRE said at the time. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.