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FINANCING: PSRS arranges $6.3M refinancing for 725-unit self-storage facility in Provo, UT. The 130,510 SF property was 65% occupied at closing and received significant cash-out proceeds with a 30-year amortization schedule. The financing also features a zero-prepayment penalty structure to provide future recapitalization and exit flexibility. William DeFanti of PSRS secured the financing for the undisclosed borrower.           

DEVELOPMENT: Storelocal Storage breaks ground on approximately 92,000 SF self-storage facility in Sanger, CA. The planned facility will feature climate-controlled units, 24-hour access, covered and uncovered parking, property-wide lighting and keyless access powered by NOKE technology. Construction is expected to be completed in April 2027. Randel Mathias, a member of the Storelocal Storage Sanger ownership group, is involved in the project.

FINANCING: First Citizens Bank provides $157M financing to Morningstar Properties. The financing will refinance Blue Doors Storage Fund IV, sponsored by Morningstar’s private-equity real estate affiliate Blue Doors Capital Management, which invests in the acquisition and development of self-storage properties across the U.S. Wesley Carter, CFO of Morningstar Properties, and Eric Searls, Managing Director of Middle Market Banking at First Citizens, were involved in the transaction.

DEVELOPMENT: Great American Self Storage opens new facility in Ocala, FL. The Class A facility at 9190 SW State Road 200 features climate-controlled drive-up units, Bluetooth-enabled smart locks, 24/7 camera monitoring, access controls, trailer parking and specialized tack storage. Developed in partnership with RSG Development, the facility is managed by Rodney Peska, with David Gandolfo serving as CEO of Great American Self Storage.

66,470 SF Building | 527 Non-Climate Units | 84.55% Occupancy | 6.50% Cap Rate

22,800 SF Building | 5.76% Cap Rate | 39 Units | 93% Occupancy | Access to Laughlin/Bullhead International Airport

32,850 SF Building | 346 Units | 88% Unit Occupancy

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