$12,500,000
Portfolio: California & Nevada
Transaction Type
Loan Refinance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Portfolio of three self-storage properties
- Large cash-out refinance request
- 89.2% average combined occupancy at closing
- One of the facilities was located in a rural resort area
Solutions & Highlights
- Two of the properties were located in well-populated areas that have good demand for self-storage
- Sponsor had over 40 years of experience in this asset class
- Borrower's business plan included long-term ownership of two of the three assets
- All properties show operational improvement since Borrower’s acquisition
- 10-year fixed rate term