$47,357,000 | Metro Self Storage

Property: 7 Recently developed class A self storage properties
Location: Illinois, Minnesota, Wisconsin, and New Jersey
Description: A portfolio of seven institutional quality self storage facilities totaling approximately 539,000 net rentable square feet. The properties are all in early
lease-up having recently received their Certificates of Occupancy. Three properties are in suburban Chicago, two stores are in the Minneapolis metropolitan area, a sixth is located in the suburbs of Milwaukee, and the final property is located Springfield, NJ. Every one of these properties are modern, best in class facilities in densely populated trade areas and benefit from high visibility, easily accessible locations on major streets in mature locales.
Loan Type: Non-Recourse Bridge Loan
Lender: Life Insurance Company

Client Benefits:

  • Reduced contingent liabilities by using non-recourse life company loan to payoff recourse bank construction loans
  • No debt yield requirement allowed for maximum loan proceeds at closing
  • Interest only payments for full loan term and extension periods to maximize cash flows to ownership
  • Three-year loan term with two one-year extension options provides excess time to achieve stabilized economic occupancy
  • Low floating rate spread with an interest rate risk hedge purchased to protect against future rate increases