Layton Crossing Storage

Transaction description

William DeFanti of PSRS arranged the $5 million refinance of a self-storage property in Layton, Utah. The subject property is comprised of 655 units. PSRS was able to provide for its borrower a non-recourse loan with a seven-year term and 30-year amortization. The lender provided prepayment flexibility along with a low 3.45% rate, allowing the borrower the flexibility along with superb cash flow given the 30-year amortization and the option to sell with no prepayment penalty.