Matthews, North Carolina-based Morningstar Properties just scored a $7.4 million construction loan and broke ground on its planned self-storage facility in Maitand.
South State Bank from South Carolina provided the financing for the company’s planned 97,575-square-foot, climate-controlled facility at 9700 S. U.S. 17-92. The self-storage building will feature 665 storage units.
Brian Pelski, senior vice president of storage strategy for Morningstar, told GrowthSpotter the company had to assemble about nine contingent parcels owned by seven different individuals to put together a 2.15-acre lot where the five-story facility is now under construction.
The process took about three years to complete so the company could simultaneously close on all the parcels at once.