$7.35MM Permanent Cash-Out Refinance of a Self-Storage Property
William DeFanti of PSRS arranged the $7.35MM permanent cash-out refinance of a self-storage property in Ventura, California. The subject property contains 467 units of which 155 are climate controlled. The facility is a brand-new construction built on one of the last vacant land parcels in the dense Ventura submarket.
PSRS was able to secure for its borrower a non-recourse loan with 10 years of Interest Only, which increased cash flow to the borrower. A differentiating factor on this loan was that the lender was able to underwrite a completely stabilized property only on one month of that stabilized history. Typically, lenders want 12 months of seasoning on a stabilized NOI. The lender was able to do it with one month of seasoning. T1 underwriting was used to achieve the loan amount that we desired.