Mortgage REIT Secures $25.3M for Refi of 2 Atlanta Self-Storage Facilities
Mortgage REIT, Seven Hills Realty Trust provided $25.3 million for the refinancing of two storage facilities in Atlanta and Fayetteville, Ga. Castle Hill Investors and Olympus Ventures LLC own the facility.
Commercial Edge reports the floating rate bridge loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. Built in 2020, the properties comprise more than 170,000 square feet. They have been developed by Diamond Point Development and operate under the Life Storage brand.
According to Yardi Matrix data, the Atlanta facility was previously subject to a $6.3 million construction loan in 2019 from First Carolina Bank, with a maturity date set for 2024. The asset in Fayetteville received a $5.4 million construction loan in 2019 from Renasant Bank and an $8 million loan in 2022, originated by Georgia Banking Co., and due in 2025.
The Atlanta Life Storage is a 73,020-square-foot property encompassing a three-story building. The asset in Fayetteville is a 104,850-square-foot facility. The three-story building offers climate-controlled units ranging from 25 to 300 square feet.
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