HOUSTON (December 2, 2019) – Berkadia announces it has arranged financing on behalf of Crystal View Capital, a private investment firm based in Las Vegas, Nevada, for its acquisition of two self-storage facilities. Senior Managing Director Cutt Ableson and Associate Director Johnny King of Berkadia’s Houston office secured two loans totaling $12.62 million for Crystal View Capital’s acquisition of AAA Platte Self Storage in Colorado Springs, Colorado and Stowaway Mini Storage in Portage, Michigan (Kalamazoo MSA).
MidCap Financial Services provided a three-year, adjustable-rate loan of $10.1 million for AAA Platte.
CIBC World Markets provided a 10-year, fixed-rate loan of $2.52 million for Stowaway.
“Both the Colorado Springs and Kalamazoo markets are defined by strong population and employment growth with an under-supply of self-storage inventory,” explained King. “The business plans for both assets were vastly different and our team strategically identified two capital partners ideal for helping the client execute on their vision.”
Located at 4510 Edison Avenue in Colorado Springs, AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base.
Located at 9879 Portage Road in Portage, Stowaway Mini Storage is a 57,325-square- foot, 398-unit self-storage facility located within the Kalamazoo-Portage MSA, approximately 15 minutes south of downtown Kalamazoo.