|Property:||Safeland Storage Centers I & II|
|Location:||Puyallup & Tacoma, WA|
|Description:||Two property self storage portfolio in the Seattle area with a combined 132,698 net rentable square feet in 1,026 units. The properties, built in 1995 (Safeland I)
and 2005 (Safeland II), are among the nicest projects in the market, are in good physical condition, they are both located in densely populated submarkets of Puyallup/Tacoma and are both positioned along heavily trafficked major thoroughfares in each respective submarket.
- Broad marketing of the opportunity validated an existing relationship lender’s initial deal structure
- Competition and alternative term sheets created negotiating power for the borrower regarding loan terms and structure
- A quick closing resulted from the enhanced pressure put on the existing relationship lender by the broker and not the borrower