Featured Deal: March 2020

Self Storage Facility Doors

The BSC Group announced the closing of a $5.8 million CMBS loan used to refinance a two-property self storage portfolio located in Commerce GA. The ten year fixed-rate loan included three years of interest-only payments and an interest rate in the high 3% range.  What differentiated this loan was the significant cash out to the borrower at closing and notably, an abbreviated look-back period used in the cash flow underwriting to determine the lender’s underwritten NOI. This transaction was unique in that one of the assets was acquired in 2017 the other in 2019, yet the lender was able to provide loan proceeds in excess of 100% of cost.

The BSC Group also closed a $2.25 million CMBS loan that was used to refinance a purpose built boat and RV storage facility in suburban Phoenix, AZ.  The ~500 spot parking facility features both covered and uncovered boat and RV parking and was recently expanded.  The new non-recourse loan was structured with a ten year fixed rate term and a 30 year amortization, removing the borrower from the recourse obligation associated with his existing SBA debt.  Through this refinance the borrower was able to consolidate the debt on all his assets to a single property, leaving the others unencumbered.  This refinancing will also free up borrowing capacity with the SBA in order to use that source of capital on future developments that the investor is currently pursuing.  Learn more.

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