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$12,500,000 | Portfolio: California & Nevada building

Portfolio: California & Nevada

Transaction Type

Loan Refinance


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