Self-Storage Recapitalization and Vertical Financing
Broadmark Realty Capital (BRMK) has funded a $5.52M commercial investment loan for the recapitalization and additional build-out/rehabilitation of two self-service storage facilities in Georgia.
The investor has over 50 facilities across the US. The investor will rehab both properties and will add covered parking for boats and RVs, as well as additional rentable square footage to the Fortson property in a mix of drive-up and climate-controlled units.
The first property shares a border with Chattanooga, TN, and comes with 54,175 square feet of rentable space configured in 441 units and 11 buildings across nearly 9.5 acres. After cosmetic rehabbing of the property, the location is positioned to thrive in the undersupplied market.
The second property is located in a northern suburb of Columbus, GA, just east of the Alabama border. The property offers 16,392 square feet of rentable space with 144 units, six single-level buildings on 5.60 acres. The borrower is rehabbing the property and adding 128 drive-up self-storage units, bringing the project up to a total of 34,892 rentable square feet and 272 units. In addition, covered boat/RV parking and cosmetic updates to refresh the property will position the management team to increase current rent rates.
Contact Jordan Siao today to get started on your next investment project.
Jordan Siao, Eastern Region
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