The Freeman Group has taken a $6.2 million loan for Stor Place Self Storage, a facility with 55,263 square feet of net-rentable space in Nashville, Tenn. First Farmers and Merchants Bank provided the refinancing package, according to Davidson County records.
The note retires $11.8 million in existing debt. Synovus Bank provided the previous mortgage in 2014 which encumbered four other self storage assets in the market, Yardi Matrix shows.
Located on 2 acres at 1615 Charlotte Ave., Stor Place encompasses five buildings completed in 1995. The facility has indoor, drive-up access and climate-controlled units ranging from 25 to 450 square feet. The property has an on-site manager, security cameras and both auto and RV parking.
Situated less than 1 mile southwest of downtown Nashville, Stor Place Self Storage is close to Interstate 40. There are at least 13 self storage facilities within a 3-mile radius, according to Yardi Matrix data.
In June, the self storage sector saw fewer markets with rent decreases compared to prior months, which could signal that the industry may have already experienced the worst fallout from the coronavirus. Over the past 12 months, rent performance was negative for all top markets surveyed by Yardi Matrix. However, month-over-month, only 19 percent of markets had negative street-rate performance.