Seven Hills Realty Trust, a mortgage REIT, has provided $25.3 million for the refinancing of two self-storage facilities in Atlanta and Fayetteville, Georgia. The properties are owned by Castle Hill Investors and Olympus Ventures LLC.
Commercial Edge has reported that the floating rate bridge loan has an initial term of three years with options for two one-year extensions, contingent upon meeting certain requirements. Developed in 2020 by Diamond Point Development, these properties comprise over 170,000 square feet and operate under the Life Storage brand.
According to data from Yardi Matrix , the Atlanta facility previously had a construction loan of $6.3 million from First Carolina Bank in 2019 with a maturity date set for 2024. The Fayetteville asset received a construction loan of $5.4 million from Renasant Bank in 2019 and an additional $8 million loan originated by Georgia Banking Co., due to mature in 2025.
The Life Storage property located in Atlanta spans over three stories with approximately 73,020 square feet while the facility situated at Fayetteville covers an area of about104850-square-feet . It offers climate-controlled units ranging between sizes ranging from25-300squarefeet . This transaction was first reported on Connect CRE’s website.
