$6,500,000 Self-Storage Loan from Life Insurance Company
PSRS has arranged the financing of a $6.5 million construction takeout at CofO loan for a self-storage development in Ventura, CA. The property, known as Ultra Storage, consists of 482 units of which 155 are climate controlled. Located at 2701 Golf Course Dr in Ventura, it was built on one of the last vacant land parcels in the dense Ventura submarket.
William DeFanti of the Los Angeles PSRS office arranged the full-leverage, 7-year loan with a 25-year amortization schedule. The recourse on this deal ends upon a 1.25 DSCR. Skymar Capital provided funding for this loan. The borrower had a construction loan in which the interest reserve had been used and in need of stabilization. One hurdle that William endured was timing the funding of the loan with the certificate of occupancy.