Marcus & Millichap Arranges $9.3M Financing For NC Portfolio

Marcus & Millichap Capital Corporation (MMCC) recently arranged $9.25 million in refinancing for a 125,000-square-foot, 996-unit self-storage portfolio in Whiteville, N.C. 

Jared Cassidy, senior director in MMCC’s Washington, D.C., office, secured a five-year, non-recourse loan with a national lender on behalf of a family-owned commercial real estate investment, development, and management firm. Additional loan terms include full-term interest only payments and significant cash-out proceeds.

“We’re pleased to have arranged financing for this high-quality, self-storage portfolio in Whiteville,” said Cassidy. “The property’s strategic location between two major markets made it an attractive opportunity for lenders. Our team was able to secure competitive terms that align with the long-term goals of the sponsor, which not only secured a fixed rate, but provided them with additional capital to deploy into other ongoing projects.”

The property consists of seven free-standing buildings with both climate controlled and non-climate-controlled storage options. It is located about one hour from both Myrtle Beach, S.C., and Wilmington, N.C.