NSC Traverse Silver Lake Storage

Location: Traverse City, MI
Type: Self Storage
Price: $5,500,000

SMC has provided a $5,500,000 ten-year fixed rate mortgage for the refinance of NSC Traverse Silver Lake Storage, a single story self-storage storage facility located in Traverse City, Michigan. The Property was constructed in 2002 and consists of 568 storage units and 72 parking spaces available for rent. Approximately 15% of the units are climate controlled and the Property is approximately 96% occupied as of October 2021. The average self-storage unit is approximately 135 SF. Additionally, the Property offers electronic gated entry, exterior facility lighting, on-site management, and on-line auto pay services. Since acquiring the Property in 2019, the Sponsor completed renovations including new fencing, signage, gated RV storage area, lighting upgrades, painting and seal-coated the roads and in February 2021 completed a 8,215 SF climate controlled expansion, which leased up to 100% occupancy within a month of opening.