The BSC Group recently closed a $5.225M nonrecourse loan used to refinance a self-storage property in Galveston, TX, for a Texas based sponsor. The new loan was placed with a regional bank and features a 7 year fixed rate term on a 30 year amortization schedule, with 24 months of interest only payments. Due to the extremely low rate environment, this borrower elected to refinance their current outstanding debt early, thereby lowering their cost of funds by almost 200 basis points, while resetting the fixed rate for the next seven years in the low 3’s.
About The BSC Group
The BSC Group, LLC (http://thebscgroup.com) was formed in 2009 and provides mortgage brokerage, financial consulting, and loan workout solutions to commercial real estate property owners. Utilizing market expertise and a robust capital source network, the firm arranges debt and equity financing for commercial real estate investments nationwide, with a special emphasis on the self-storage asset class.