South Gate Storage
$9,500,000 Self-Storage Loan from Life Insurance Company
Grady Seldin of PSRS arranged the $9.5MM refinance of a self-storage property in South Gate, California. The subject property is a self-storage facility with approx. 1,200 units totaling 120k SF of NRA, with a one and two-story design and a current occupancy rate of 98%. It includes 50 uncovered, open RV/auto spaces and has been owner-operated since 1987. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year fixed-rate term and a 30-year amortization.
Self-storage assets in high-density markets continue to attract interest from all capital sources. The borrower decided to go with our life insurance company over CMBS options due to certainty of execution, quick rate lock with a term sheet, step-down prepay, and zero structure at close or post-closing. This was an extremely smooth process with no issues through closing.