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Situation/Challenges
  • Refinance of two existing bank loans
  • 714 units, 93.4% occupied at closing
  • Non-typical loan term sought
  • Sponsor wants the option to request additional loan dollars at some point during the future
  • Sponsor requested forward rate lock at a volatile time in the market
Solutions/Highlights
  • Sponsor is an experienced local operator with other self-storage properties in the area
  • Added provision in loan documents that allows a request for additional loan dollars
  • A10 provided forward rate lock and extended it to accommodate a delayed closing
  • Non-recourse
  • 15-year term