Crescit Capital Strategies Closes Acquisition Financing for Vacant 105,000-Square-Foot Class A Self-Storage Facility in Philadelphia
Crescit Capital Strategies has announced that the commercial real estate finance platform has successfully closed a $16.1 million financing for the acquisition of 4501 Woodhaven Road, a newly constructed, 105,000-square-foot and 1,100-unit self-storage facility in Philadelphia, Pennsylvania.
The sponsor for this transaction was Snapbox Self Storage, a leading self-storage owner and operator with locations in over 20 cities. The Southwest Philadelphia property was recently converted to a Class A facility. Crescit’s financing capitalized the acquisition and lease-up of the vacant property.
“Crescit was very pleased to be able to finance a high-quality asset with such a strong, experienced owner and operator of self-storage properties,” said Joseph Iacono, CEO of Crescit Capital Strategies. “With limited supply and high occupancy, especially for climate-controlled units, closing this loan for a newly converted Class A asset felt like an excellent opportunity.”
The facility’s premiere location offers outstanding visibility on a high-traffic road, as well as proximity to strong demographic growth in the area. Additional market factors influencing this transaction include the ongoing demand for self-storage, proven resilience of the asset class, multifamily growth in the Philadelphia market and a very experienced, locally headquartered sponsor.
About Crescit Capital Strategies
Crescit Capital Strategies is a commercial real estate finance platform that offers the entire spectrum of commercial real estate debt products, including construction, transitional and term financing across all property types.
Led by industry veterans and innovators, Crescit Capital Strategies provides both its investors and borrowers the advantage of a “one-stop” solution, giving its borrower clients the benefit of engaging with one lender for all of their financing needs, while also providing its investors the ability to achieve their specific investment goals through access to the various components of the real estate capital stack.
Borrowers benefit from increased certainty of execution and creative financing solutions. Investors benefit from a diversified business model tailored to their specific investment profile. Crescit Capital Strategies’ business model fosters long-term relationships thereby facilitating a more strategic partnership between lender and borrower over the life of a loan.