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