BOSTON– Fantini & Gorga has arranged $1 million in first mortgage financing for Crows Run Self Storage, a 332-unit self storage facility located in Conway, PA.
“We were pleased to be able to deliver ten years fixed, non-recourse financing for our client” stated Jon Garcia, Analyst, who helped to arrange the financing on behalf of the borrower. “The lender was able to get comfortable in the largely rural market due to the property’s consistently strong operating history over the past decade”.
Crows Run Self Storage is a single-story self storage facility featuring 271 unconditioned indoor units in six buildings, and 61 outdoor spaces for car, RV and boat storage. The property was nearly 99% leased at the time of closing.
The property is situated on 5 acres of land along PA-65 (Ohio River Blvd.), roughly 30 miles outside of Pittsburgh, and uses state of the art storage management and video camera systems throughout the property. Crows Run was built 10 years ago by the current ownership, who have decades of experience in residential and commercial development and property management.