U-Stor-It, a division of Chicago Capital Funds, has obtained $17.7 million in refinancing for U-Stor-It Westmont, a 72,432-square-foot self storage facility in the Chicago suburb of Westmont. Vice Presidents Wyatt Campbell and Conor Freeman of Northmarq arranged the transaction through a life insurance company.
The financing payed off two construction loans totaling $12.8 million that were funded by Signature Bank in 2017; the notes also encumbered 92,775 square feet of commercial space, Yardi Matrix data shows.
At the end of last year, the company received a $7.5 million loan for a facility in Elmhurst, Ill., another suburb of Chicago. The financing was one of the four deals, totaling $111.5 million, that were arranged by Talonvest in December.
Self storage in Greater Chicago
Completed in 2017, U-Stor-It Westmont is a two-story building with climate-controlled units ranging from 20 to 300 square feet. On-site amenities include RV and boat parking, security features, drive-up access and loading bays, as well as boxes and moving supplies.
Located at 701 Blackhawk Drive, the 1.5-acre property is some 22 miles southwest of downtown Chicago. The facility is in an underpenetrated market, among the only four storage properties available within a 3-mile radius offering 1.9 net rentable square feet per capita, significantly below the 7.1 national average and the metro’s 5.3 average.
With currently 17 properties under construction totaling more than 1.7 million square feet, Chicago is one of the metros that present opportunities for self storage development. Planned and underway projects have reached 7.4 percent of existing inventory as of May, up 40 basis points month-over-month, a recent Yardi Matrix report shows.