$5,600,000 Self-Storage Loan from Credit Union
Paul Godfrey of PSRS arranged the $5.6MM permanent fixed-rate refinance of a self-storage property in Colorado Springs, Colorado. Built in 2018, the subject property containing 269 units was just reaching stabilization at the time of underwriting. Financed with credit union execution, PSRS was able to provide for its borrower a construction take-out loan with a 5-year term and negotiated an earn-out structure to access $400,000 in extra loan proceeds once the property has a little more operating history. This helped the borrower achieve their goal of locking in a low fixed rate with a 30-year amortization to maximize cash flow as well as provide working capital with the future earn-out.