$58,000,000 | Devon Self Storage

New Devon

Property: Devon / WAFRA Portfolio
Location: Tennessee, Texas, California & Wisconsin
Description: 21 property portfolio with 1,463,786 sq.ft. including 10,672 storage units, 477 RV parking spaces, 7 billboard or cell tower units and 34,598 sq. ft. of business park and retail space.
Loan Type: Refinance Loan
Lender: Money Center Bank

Client Benefits:

  • Four separate loans (one for each state) to maximize ownership’s future flexibility
  • Bank balance sheet loan for maximum loan servicing attention
  • Low floating rate loan with full term IO payments to maximize cash flow and IRR
  • Partial releases allowed to provide optionality for the borrower
  • No prepayment penalty after 18 months allowing ownership to adapt financing strategy based on future interest rate environment