Featured Deal May 2020

Self Storage Doors

The BSC Group announced the closing of a $4.4 million CMBS loan used to refinance a self storage property located in New Jersey. The ten-year fixed-rate loan included two years of interest-only payments, followed by a 30 year amortization, and an interest rate in the mid 3% range. This 65% LTV non-recrouse loan isolated the borrower’s liability and provided close to $2 million in “cash out” at closing, which will be used to purchase a neighboring vacant lot and expand the facility. This transaction was closed with a national lender in their small balance loan program, which streamlined the closing process and offered the borrower a reduced, fixed cost for legal and third party reports.

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