{"id":1004276957,"date":"2018-11-05T08:13:47","date_gmt":"2018-11-05T16:13:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004276957"},"modified":"2022-12-06T22:25:24","modified_gmt":"2022-12-07T06:25:24","slug":"greysteel-arranges-financing-of-houston-area-storage-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greysteel-arranges-financing-of-houston-area-storage-asset\/","title":{"rendered":"Greysteel Arranges Financing of Houston-Area Storage Asset"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004276960\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004276960\" data-attachment-id=\"1004276960\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/greysteel-arranges-financing-of-houston-area-storage-asset\/preferred-mini-storage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Preferred Mini Storage\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Preferred Mini Storage&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg?w=800\" class=\"wp-image-1004276960 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Preferred-Mini-Storage.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004276960\" class=\"wp-caption-text\">Preferred Mini Storage<\/p><\/div>\n<p>Greysteel has arranged the acquisition financing of Preferred Mini Storage, a 73,759-square-foot facility in Conroe, Texas. The firm\u2019s Dallas-based office secured the interest only non-recourse bridge loan on behalf of the borrower, Pinnacle Storage Properties.<\/p>\n<p>Preferred Mini Storage is situated at 4300 W. Davis St., just off Freeway 105 and near Interstate 45, approximately 42 miles from downtown Houston. The area is surrounded by many apartment communities encompassing about 2,900 units within a five-mile radius, Yardi Matrix data shows.<\/p>\n<p>The 572-unit Preferred Mini Storage facility was built in 1996 and expanded in 2017. Unit sizes range from 25 to 300 square feet. Additional characteristics include climate control, drive-up access and security cameras. Preferred Mini Storage also offers on-site management and 24-hour access.<\/p>\n<p><em>\u201cThe addition of this property to our rapidly growing portfolio gives us additional efficiencies and synergies across our management platform. By utilizing bridge financing for the acquisition, we are able to create additional value through lease-up, management and improvements which can be leveraged with long-term financing down the road,\u201d<\/em> stated Robby Dunn, chief investment officer of Pinnacle Storage Properties, in prepared remarks.&nbsp;<\/p>\n<p>Greysteel\u2019s team included Senior Finance Associate Daniel Hartnett. Last month, the firm also arranged the acquisition financing of a <a href=\"https:\/\/www.commercialsearch.com\/news\/greysteel-arranges-financing-of-houston-storage-facility\/\">463-unit Extra Space Storage facility<\/a> in Houston.&nbsp;<\/p>\n<p><em>Image courtesy of Greysteel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm\u2019s Dallas-based office secured the interest only non-recourse bridge loan for the acquisition of a 572-unit facility located in Conroe, Texas. <\/p>\n","protected":false},"author":871,"featured_media":1004276960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1589,21742],"tags":[42833,34296,42836],"class_list":["post-1004276957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-houston","category-latest","tag-daniel-hartnett","tag-greysteel","tag-pinnacle-storage-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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