IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, has arranged a $34.2 million loan for the refinancing of a 3,616 unit self-storage portfolio located in Arizona. The financing was secured by IPA Capital Market’s Sunny Sajnani, Senior Managing Director, in conjunction with Marcus & Millichap Capital Corporation’s Duke Dennis, Director. The origination team is based out of IPA’s Dallas office.
IPA worked on behalf of the borrower, Anytime Storage, to secure the ten-year interest only, fixed-rate, non-recourse CMBS financing. The portfolio is 91.4% leased and located in six cities throughout Arizona.
The financed portfolio consists of:
- 7340 E. Benson Highway, Tucson (549 units)
- 1751 E. Benson Highway, Tucson (483 units)
- 1155 E. Irvington Road, Tucson (343 units)
- 5600 S. 12th Avenue, Tucson (433 units)
- 110 & 101 South Taylor Avenue, Bisbee (317 units)
- 2100 W. Baseline Road, Apache Junction (400 units)
- 11139 E. Apache Trail, Apache Junction (366 units)
- 3055 N. 30th Avenue, Phoenix (290 units)
- 508 N. Grant Street, Flagstaff (151 units)
- 556 E. Frank Way, Williams (284 units)
“Through efficient management and revenue optimization, the sponsor has been able to increase the net operating income of this self-storage portfolio substantially over its hold period. Our team was able to secure a new fixed rate loan well in excess of the sponsor’s cost basis with full term interest-only payments allowing them to continue enjoying strong cash flow from the assets,” said Sunny Sajnani.
Anytime Storage is a self-storage acquisition, development, and management company with properties across Arizona, Alabama, and Florida. The company has found value-add success by acquiring assets in key locations and incorporating physical improvements, efficient management practices, and technology to create operational efficiencies and income growth.
“IPA assisted us with the acquisition financing when we originally purchased the portfolio,” said David Jarvie, Anytime Storage’s Managing Partner, “We were confident to turn back to them, in this volatile lending environment, when it was time to refinance and realize much of the increased value. We could not be more pleased by the efforts and guidance we received from Sunny, Duke, and the entire team.”
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
