Marcus & Millichap Capital Corporation (MMCC) has arranged $14.4 million in financing for two self-storage properties, including Empire Lockers at 2878 Nansen Drive in Medford, Oregon, and All About Storage at 11109 Olive St. in La Vista, Nebraska, a suburb of Omaha, Nebraska.
The financings were secured by MMCC’s Phillip Gause, first vice president, based in Denver, Colorado.
The $7.2 million 10-year fixed-rate loan for Empire Lockers has an LTV of 60 percent and an interest rate of 3.75 percent. The 282-unit property is 100 percent occupied and is comprised of seven buildings across 45,384 rentable square feet. Built in 2020, the property is equipped with state-of-the-art climate and non-climate-controlled units, temperature sensors, motion detectors, an extensive security camera system, and touchless leasing and facility access. The property is adjacent to Rogue Valley International Medford Airport and offers ease of access to nearby I-5.
The $7.19 million 10-year term loan for All About Storage has an LTV of 60 percent and an interest rate of 4.125 percent. Built in 2005, the property’s 130,510 rentable square feet is distributed into 780 storage units of which 83% are occupied. The property is located in the rapidly expanding Omaha market, having experienced a sustained population and continued income growth over the last few years.