LOS ANGELES, CA– HFF announced today that it has secured $5.635 million in financing for a 1,046-unit, two-property self storage portfolio totaling 104,075 square feet in northern California.
HFF worked on behalf of Crist Property Company to arrange the 10-year, interest-only loan through Bank of America. The loan was used to refinance maturing debt and will be serviced by HFF.
The portfolio consists of Rossi Self Storage, a 408-unit property built in 2001and located in Salinas, California, and Tracy Self Storage, a 638-unit property built in 1999 located in Tracy, California.
The HFF team representing the borrower was led by director Christopher Vittetoe and associate director John Simerlein.
Crist Property Company owns and manages six properties located in Monterey, Stanislaus, San Luis Obispo and San Joaquin County through StorageWorks/Biz Works.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.