State Street Storage

Transaction description

Seth Ludwick and Thomas Rudinsky of PSRS arranged the $3.8 million refinance of a self-storage property in Santa Barbara, California. The subject property is a 500-unit gated storage facility with features such as 24-hour security, various unit sizes, and month-to-month leases. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a 28% LTV, non-recourse loan, with a 10-year interest-only term and perfectly timed rate lock.