Gantry successfully arranged a $7.5-million permanent loan for the purchase and revitalization of Storage Corner Marina and Marina Business Park, located at 218-224 Reindollar Ave in Marina. The property spans approximately 116,000 rentable square feet and includes a mix of self-storage, industrial, and retail spaces. The new owners have implemented an extensive renovation plan for the property which was originally built in stages during the 1970s and 1980s.
Charlie Kokernak, Director at Gantry’s Portland office secured the loan on behalf of Storage Corner Group – an investment firm focused on self-storage and light-industrial properties based in the Bay Area. This six-year non-recourse loan was obtained through one of Gantry’s correspondent insurance lenders with attractive fixed rates that include partial term interest-only followed by a 30-year amortization schedule.
Kokernak commented that this financing opportunity was unique as it is rare to find Monterey properties with both self-storage facilities as well as light-industrial spaces available for purchase due to their long-standing ownership within families who rarely sell them off-market.
The article first appeared on Connect CRE.
