Rocket Storage

Transaction description

William DeFanti and Thomas Rudinsky of PSRS arranged the $10 million refinance of a portfolio of three self-storage properties in La Grange, Kentucky. The subject properties are 14 buildings for a combination of 909 self-storage units and 261,725 rentable square feet. Various features of these properties are drive-up, climate-controlled units, 24-hour security, fully fenced, ample parking, etc. The subject was financed with one of our correspondent life insurance companies, PSRS provided its borrower a 62% LTV loan with a 5+5+5+5+5+5 year term and a 30-year amortization. The loan process was completed within 25 days of the loan application allowing for the borrower to close quickly on a purchase.