CRE V Michigan

Berkadia closes sale of self-storage facility in Michigan

Berkadia announces it has arranged financing on behalf of Crystal View Capital, a private investment firm based in Las Vegas, Nevada, for its acquisition of two self-storage facilities, including one in Michigan.

Senior Managing Director Cutt Ableson and Associate Director Johnny King of Berkadia’s Houston office secured two loans totaling $12.62 million for Crystal View Capital’s acquisition of AAA Platte Self Storage in Colorado Springs, Colorado, and Stowaway Mini Storage in Portage, Michigan.

MidCap Financial Services provided a three-year, adjustable-rate loan of $10.1 million for AAA Platte.

CIBC World Markets provided a 10-year, fixed-rate loan of $2.52 million for Stowaway.

Located at 9879 Portage Road in Portage, Stowaway Mini Storage is a 57,325-square- foot, 398-unit self-storage facility located within the Kalamazoo-Portage MSA, approximately 15 minutes south of downtown Kalamazoo.