SACRAMENTO, CALIF. — Cronheim Mortgage has arranged a $17.4 million bridge loan for the acquisition of an existing retail and self-storage facility, located on 16.8 acres outside of Sacramento.
DealPoint Merrill is the borrower and property owner. At the time of financing, the property was fully operational and stabilized. The financing includes future funding for the renovation and stabilization of the adjoining parcel. The three-year loan features two one-year extensions and an interest rate of 30-day LIBOR plus 375 basis points.
When renovated, the asset will provide mixed-use retail and self-storage space with a total of 1,616 self-storage units and 46,904 square feet of retail space. The existing structures were built in 1991; a portion was renovated in 2014, and the remaining portion is being started with the funding of this loan.
The existing self-storage facility totals 51,825 square feet and has 685 climate-controlled storage units. The property was built in 1980 as a retail building and converted to self-storage space in 2015. CubeSmart operates the facility.