$78,000,000 | Metro Self Storage

Property: 8 Property Portfolio
Location: IL (5), NJ (2), and PA (1)
Description: The portfolio consisted of eight institutional quality, class A properties for Metro Self Storage. The facilities totaled approximately 630,000 net rentable square feet with assets located in suburban Chicago, IL (5), NJ (2), and PA (1). Five of the eight stores opened between June 2017 and November 2018 and the other three facilities recently received their Certificate of Occupancy. The properties all benefit from high visibility locations in densely populated areas with strong demographics and are predominantly 100% climate-controlled facilities.
Loan Type: Refinance Bridge Loan
Lender: Insurance Company

Client Benefits:

  • Non-recourse, 4-year loan including full term interest only payments
  • Financing includes reserves for interest and operations at the recently completed projects
  • Competitively priced loan at a floating rate over Libor
  • Enhanced borrower’s optionality by structuring a 12-month extension term and release provisions after the twelfth payment date of the loan term