Nov 13, 2006 – BUCHANAN STORAGE CAPITAL FINANCES $19 MILLION FOR 8-PROPERTY PORTFOLIO ACQUISITON
By Krystyn Van Ness
Newport Beach, CA. November, 2006 –Barker Pacific Group, in a venture through its affiliate Union Development Co., recently acquired an 8-property portfolio and retained Buchanan Storage Capital (BSC) for 19 million in financing.
Union Development Co. is owned in a joint venture between Angelo, Gordon & Co., a New York based private equity fund, Barker Pacific Group, a Los Angeles based real estate operator, and Barker Pacific’s private equity fund, Hamilton Capital Partners. The properties are located throughout California and include over 500,000 in net rentable square feet and 4,000 units. The portfolio was sold by Empire Companies for just over 30 million and will now operate under the “Storage Solutions” brand.
BSC structured an aggressive fixed rate loan that funded below breakeven debt coverage and a letter of credit to secure full proceeds. Additionally, the financing featured five years of interest only, followed by a 30-year amortization schedule.
With the acquisition of Empire Self Storage, Los-Angeles based Union Development Co. now owns a total of 18 self-storage properties, to add to their existing 1.8 million square foot commercial real estate portfolio.
About Buchanan Storage Capital…
Buchanan Storage Capital is the leading provider of capital to self-storage owners nationwide. Their customers access competitive debt and equity through proprietary programs like Buchanan Fixed Rate Direct™ and through their advisory services, leveraging off Buchanan’s long-standing relationships with the top storage lenders. Parent company, Buchanan Street Partners, is a national real estate investment bank that provides real estate capital and advisory services for owners and developers and investment management for institutional and high-net-worth investors. For additional information, please call 800.675.1902 or visit www.buchananstoragecapital.com.