Trojan secures $130 million in funding for its self-storage portfolio
Trojan horse storage landed $130 million in permanent financing for six self-storage properties, totaling nearly 600,000 leasable square feet in California, Oregon and Washington. The portfolio includes three recently completed properties in Commerce, Glendale and San Jose, CA; and three properties acquired in 2021 in Salinas, California; Portland, Oregon; and Vancouver, Wash.
Principal Andy Bratt and Principal Amit Tyagi of Portico obtained a loan at an average interest rate of 3% over 10 years with a transitional amortization schedule of 30 years. AIG Insurance Co. provided the funding, Yardi Matrix data shows.
Last July, Gantry worked on behalf of Trojan horse storage, Nova Storage and StorAmerica and secured $120 million in additional financing for the construction, repositioning and stabilization of nine storage assets in four states.
Last year, the company paid $14.5 million for the Salinas storage asset, according to Yardi Matrix data. The Portland and Vancouver assets were sold by North Beach Properties for a combined price of $7.9 million, according to the same data provider.
Trojan Wallet Breakdown
The largest property in the portfolio, Trojan Storage Glendale, was completed this year and includes a 231,281 square foot building with air-conditioned units, ranging from 25 to 330 square feet. Located at 620 West Elk Ave., the property is one of 16 available within a 3-mile radius, offering residents 5.9 net leasable square feet per capita, below the national average of 7.1. The portfolio also includes:
- A 2021-built, 136,923 square foot facility located at 1025 Know Ave. in San Jose, California.
- A 156,203 square foot asset located at 6200 Garfield Ave. in Commerce, California, completed this year.
- Trojan Storage of Salinas Blanco, a property located at 940 E. Blanco Road, which comprises 91,163 square feet.
- A facility located at 5820 NE Eighth Court in Vancouver, Washington that comprises 68,590 square feet.
- A 54,967 square foot asset located at 8436 NE Marx Drive in Portland, Ore.
Most properties are located in under-penetrated areas, with net leasable square footage below the national average. The only two facilities in widely penetrated areas are Salinas and Portland, offering residents 7.7 and 12.5 net lettable square feet, respectively.