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Self Storage Team
SAVE THE DATE: NYSSA Fall Conference (October 8-9, 2024)
Registration for the NYSSA Fall Conference is open! Lock in Your Seat for the NY Self Storage Conference at the Opus Hotel in White Plains, NY for an exceptional conference experience like no other! Discover the latest insights and trends in the industry while networking with top professionals at our upcoming event.
Register for the NYSSA Fall Conference
Closed Listings
Lewes, DE
Winchester, VA – $1,400,000
Listings
Millsboro, DE – Indian Landing RV/Boat Park – $2,600,000
Property Website
Chesapeake City, MD $925,000
Property Website
Olean, NY (In Cattaraugus County) – $1,825,000
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‘Storage King’ of USA Launches Lending Business
Andover Properties’ Brian Cohen launched Andover Storage Lending with $300M for bridge and construction loans The self-proclaimed “Storage King of the USA” is aiming to become a statewide sovereign of self-storage lending. Brian Cohen’s Andover Properties, which owns a portfolio of $2.8 billion worth of self-storage sites, manufactured housing communities, RV parks and car washes, announced this week that his firm is launching Andover Storage Lending, an origination vehicle specializing in nonrecourse bridge and construction lending in the self-storage sector. Read more here
Chain Of Command: What Hospitality Consolidation Means For Self-Storage
There are an estimated 700,000 hotels in the world – that’s about 18 million guest rooms. For many unfamiliar with the industry or who don’t belong to a frequent traveler program, it’s fair to assume that hotel brands directly own and operate the majority of properties flying their flag. But that’s no longer the case. Today, most popular hotel brands are part of ten new “mega-chains” that use franchise and management contracts to expand their empire with minimal capital investment. So, rather than Marriott simply running Marriotts, everything from Ritz-Carltons to Residence Inns fall under an umbrella known as Marriott Bonvoy. Read more here
Why Self Storage is the Exception to the Rule
This asset class defies the conventional wisdom that real estate is hard to finance, according to Gantry’s Tom Dao.
The strength of the self-storage asset class over the past decade has not gone unnoticed. Coming out of this year’s annual 2023 Mortgage Bankers Association Commercial Real Estate Finance conference in February, it is now clearly seen as one of the most attractive asset classes for lenders moving into the year ahead—right alongside industrial and multifamily. This year’s conference reflected on the 300+ basis point uptick in interest rates since last year’s meeting and how each asset class is responding to the new rate climate and broader market disruptions. Self storage is not only surviving but thriving. Read more here 3
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