Self Storage Facilities Secure $3.2 Million Loan to Fund Energy Eddicient Roof Systems
Two self storage facilities comprising 854 units located in Marietta and Decatur
Atlanta, Dec. 11, 2013 – Town Center Storage located at 1515 North Cobb Parkway in Marietta and North Druid Hills Storage located at 3391 North Druid Hills Road in Decatur comprise of 854 self storage units for a total of 96,475 SF. A $3.2 million loan with a 10 year term and 30 year amortization from Starwood Capital Mortgage has been secured by Kevin Troy, Senior Vice President of Colliers International | Atlanta Capital Markets Group.
The borrower will use a portion of the new loan proceeds to convert 8,000 SF of space at the Druid Hills facility to climate-controlled space and replace the roofs at both properties with a more energy efficient system. The loan will also be used to refinance the existing CMBS loan on the properties which matures October 2014.
This is the first deal where Colliers International | Atlanta will be servicing the loan agreement.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as a top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.