The BSC Group recently closed a $9.8MM CMBS loan for a West Coast sponsor used to refinance a self-storage facility located in Nevada. The sponsor owned the property for less than 14 months prior to refinancing. During the short ownership tenure, they realized significant lift in NOI by implementing management best practices. The lender recognized the value add and was willing to return all of the sponsor’s equity. The loan was underwritten to an 8.0% debt yield using an annualized trailing 3 month revenue stream, at 60% LTV and 100% LTC. The 10 year interest-only loan featured an interest rate in the low 3% range.
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. They also provide a special emphasis on the self-storage asset class.