August 14, 2019
Chicago-based Alliant Credit Union closed on the refinance of a three-property self-storage portfolio in Evansville, IN and Pine Bluff, AR for $12.1 million. The properties encompass 1,565 total units, including a mix of standard units, climate-controlled units and outdoor vehicle storage.
Alliant was asked to structure these loans with the ability to earn out additional loan proceeds, while the borrower completes property upgrades and increases occupancy. The credit union satisfied this request by closing with an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan.
“The self-storage sector tends to be fairly resilient through both economic booms and downturns, and there’s an unmet need for facilities in many secondary and tertiary markets, making it a good time to invest,” said Alliant’s Peter Margolin. The financing opportunity was sourced through Devin Huber of the BSC Group.