Dealmaker: Alliant Credit Union Loans $47M on Self-Storage, Industrial Assets
Alliant Credit Union, Chicago, closed four loans totaling $46.6 million for self-storage and industrial properties in Michigan, South Carolina and Florida.
The credit union closed a $18 million loan that allowed the Pogoda Cos., Farmington Hills, Mich., to acquire six climate-controlled self-storage facilities in metropolitan Detroit and Grand Rapids. The 10-year loan included 30 months of interest-only payments followed by a 30-year amortization schedule.
Also in Michigan, Alliant closed on a $6.2 million loan for two self-storage properties in Mason and Grand Blanc. The five-year loan had a 30-year amortization schedule. Bellwether Enterprise Senior Vice President and Principal Jeff Muser and Senior Vice President Adam Gould referred the transaction to Alliant.
In the southeast, Alliant closed a $6.2 million loan for a 502-unit self-storage property in Charleston, S.C., suburb Mount Pleasant. The seven-year loan included two years of interest-only payments. This transaction was referred to Alliant by Griffin Guthneck at JLL.
Alliant also closed a $16.2 million loan to refinance an industrial/flex building in Jacksonville, Fla. The five-year non-recourse loan came with a built-in tenant improvement and leasing commission reserve.
The collateral totals 194,400 net rentable square feet divided among five one-story buildings. It is currently 90 percent occupied.
“The Jacksonville market has experienced strong population and employment growth and is expected to continue its positive momentum,” said Alliant Commercial Loan Originator Yonah Sturmwind. “This building in particular benefits from a tenant base representing diverse industries including healthcare, financial services and others, which has allowed it to thrive during this challenging time.”