Phoenix (June 9, 2017) – Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that it has arranged $4.15 million construction financing with a regional commercial bank to develop Silverbell Self Storage in Tucson, Arizona. The self-storage property features 10 single-story buildings with 398 storage units across 54,015 square-feet of net rentable space. Silverbell Self Storage offers a mix of air-conditioned units and drive-up units.
Kevin Sellers, Director of Capital Markets in the Cohen Financial Phoenix office, arranged a loan term of 10 years with the first three years interest-only, floating rate before converting to a 25-year amortization schedule. Once constructed and stabilized, the owner has several options to convert the loan to a fixed rate.
The borrower entity is a self-storage owner/operator based in California who owns several self-storage facilities in Arizona and California, as well as numerous other investment properties in both states. The transaction closed on June 2.
“This is the third self-storage construction financing we have arranged this year,” said Sellers.
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