CHICAGO, IL –HFF (Holliday Fenoglio Fowler, L.P.) has completed the sale of an $11.4 million, first-mortgage loan secured by a 12-property, self storage portfolio in Indiana.
HFF managing director Bill Mitchell and senior managing director Stuart Salins in Chicago along with senior managing director Aaron Swerdlin (top right photo) and managing director Doug McCarron (bottom left photo) of HFF’s self storage group, represented the seller, a major Midwest insurance company.
An affiliate of First City Commercial Corp. purchased the loan for an undisclosed amount.
The loan has a 6.37% coupon and seven-year remaining life. The loan sales process took 43 days from launch to closing, 53 firms performed due diligence and ten firms bid on the loan.
The self storage collateral, located throughout central and southern Indiana, totals 3,320 storage units and is owned and operated by affiliates of Storage Express.
Contacts:
William G. Mitchell, HFF Managing Director, 312-980-3607, wmitchell@hfflp.com
Stuart M. Salins, HFF Senior Managing Director, 312-528-3678, salins@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713-852-3500, krmurphy@hfflp.com
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