Las Vegas Self-Storage

$12,500,000 Self-Storage Loan from Bank

City: Las Vegas, NV
Loan amount: $12,500,000
Lender type: Bank
Property type: Self-Storage
Size: 926 Units

Transaction description

Ricky Giancola of PSRS arranged the $12.5 million construction financing for a self-storage facility in Las Vegas, Nevada. The subject property is a 926-unit mini self-storage facility consisting of two, three-story buildings totaling 103,803 rentable square feet with additional covered stalls for RV, boat, or trailer storage. The deal was financed with a regional bank at 75% LTC. PSRS successfully negotiated for the bank’s deposit requirement to be considered as part of the project’s equity contribution. This strategy significantly reduced the borrower’s need to provide additional equity.

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