MJ Partners Real Estate Services of Chicago announced the completion of a $4 million financing for three self-storage facilities in Virginia. The loan for Winter Properties LLP provides $2 million in proceeds over the existing debt to be used, in part, for site improvements. The loan, provided by a national bank, features a five-year loan term with 25-year amortization, and an interest rate of 6.23 percent. Dennis Nyren and Steve Schwartz of MJ Partners negotiated the loan on behalf of the borrowers.
Winter’s Self Storage in Roanoke, Va., contains 43,150 square feet with 403 units and was built in 1997. Winter’s Self Storage in Vinton, Va., contains 47,630 square feet and 482 units. It was built in 1985, with additions in 1995 and 2004. Princeton (Va.) Storage, with 36,995 square feet with 248 units, was built in 1985, with additions in 1995 and 2005.