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Situation/Challenges
  • Consists of two self-storage properties
  • Refinance of a maturing loan
  • Total of 352 units
  • 91% combined occupancy at closing
  • None of the units at either property are climate-controlled
  • Properties are not branded or managed with a national or regional self-storage flag
  • One of the properties has excess land with will accommodate a future expansion
Solutions/Highlights
  • Both properties are well-located in established residential/commercial areas with good access and visibility
  • The properties have stable and upward trending NOI's over the past several years
  • A10 consented to the borrower constructing additional storage buildings on the excess land during the loan term
  • Sponsors have over 30 years of self-storage ownership experience
  • 10-year loan term
  • Loan will stay on A10's balance sheet and will be serviced in-house for the life of the loan