Huntsville Self-Storage

$8,700,000 Self-Storage Loan from Bank

City: Owens Cross Roads, AL
Loan amount: $8,700,000
Lender type: Bank
Property type: Self-Storage
Size: 664 Units

Transaction description

Ricky Giancola and Trevan Swierczewski of PSRS arranged the $8.7 million construction financing of a self-storage facility in Owens Cross Roads, Alabama. The subject property is an 81,175 RSF facility spread across five buildings. PSRS secured both debt and JV equity relationships to get this deal financed. The construction debt was sourced from a regional bank at 70% LTC with a sub-7.50% floating rate. The competitive pricing was owed to a preferred banking relationship with the equity partner PSRS introduced to the borrower. The expectation is for this borrower and their new JV partner to collaborate on additional storage projects in the future.

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