Irvine, CA – October 12, 2017 – Berkadia announced today the financing of AA New Storage, located at 1741 Whittier Avenue in Costa Mesa, California. Managing Director, Jackson Cloak, of Berkadia’s Irvine office negotiated the $12,125,000 transaction on behalf of a California investment group. The deal closed on August 4, 2017.
“Berkadia engaged the conduit landscape and stable correspondent life company relationships to obtain a very competitive 25-year fixed rate with interest only at a rate of 4.39%. Due to various tax and estate planning purposes the loan required several unique components requiring us to match the borrower with a lender that would work with the borrower and understand their specific requests. The deal was very competitive, and we found the correct partner in John Hancock,” explained Managing Director, Jackson Cloak.
Built in 2000, the 746-unit property features five storage buildings, 26 RV spaces, a rental office and an on-site manager’s residence.