The BSC Group recently closed a $66.625M non-recourse loan that was used to acquire a twelve property self-storage portfolio in Michigan for an institutional, Illinois based sponsor. The portfolio is comprised of 747,146 net rentable square feet with 6,209 units, spread across multiple locations in Ann Arbor, Chesterfield, Grand Rapids, Kalamazoo, Lake Orion, Lansing, Novi, Okemos, Westland, Wyoming, and Ypsilanti. The deal was competitively bid by multiple interested lenders and offered a 10 year fixed-rate in the mid 3’s, as well as multiple years of interest only amortization, which will significantly enhance the net cash flow and expected yield during the ownership tenure. Learn More
Featured Deal: May 2020
