Granite Mountain Storage

$3,600,000 Self-Storage Loan from Life Insurance Company

City: West Valley City, UT
Loan amount: $3,600,000
Lender type: Life Insurance Company
Property type: Self-Storage
Size: 403 Units

Transaction description

Michael Tanner and Tony Messiah of PSRS arranged the $3.6 million refinance of a self-storage property in West Valley City, Utah. The subject property is a 2019-built self-storage facility consisting of seven buildings with a total building area of 55,588 square feet, of which 1,842 square feet are office space and the remaining 53,746 square feet are storage space. There are 403 rentable spaces in the facility including 3 RV parking spaces and 400 discrete spaces. These rentable building spaces include 10 high-security premium units. The property is currently 93% occupied but experiencing excellent leasing velocity. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 55% LTV loan with a 15-year term and 25-year amortization.

Producer: Michael Tanner
Vice President: Tony Messiah
Loan Closer: Viola Phoebe Pratt




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