The bridge lending market continues to tighten for non stabilized self storage asset. The BSC Group recently closed a 17.5MM non-recourse bridge loan for a Colorado based sponsor.
The 65% LTC, sub 6% debt yield financing was used to purchase an existing self storage facility in the NYC MSA and provided significant funds for capital improvements to transform the property into an class A facility. The lender, a national insurance company, offered a 5 year fixed rate loan, with flexible prepayment and an interest rate around 3.75%.
About The BSC Group
The BSC Group, LLC (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.
For more information about The BSC Group click here