ORIX USA’s Real Estate Capital Group announced the closing of a $14 million bridge loan that will be used to convert a vacant big box retail store into a 1,023, single stack, Class A, climate-controlled self-storage facility in the Midwest. The sponsor will also construct 213 units of secured, non-climate controlled self-storage in new buildings in front of the former retail store for a total of 1,236 self-storage units encompassing 116,844 square feet.
“We’re excited to collaborate with a trusted sponsor to deliver top-tier storage solutions in a high-demand submarket. We look forward to strengthening our programmatic relationship and continuing to deliver creative capital solutions for future investments nationwide,” said Allison Austin, Senior Director, ORIX USA Real Estate Capital.
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital Group has successfully invested over $4 billion of balance sheet capital. For over 20 years the Real Estate Capital Group has been reliably providing construction and bridge financing for commercial real estate through a range of market cycles.
The Real Estate Capital Group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.