Ventura Storage
$7.35MM Permanent Cash-Out Refinance of a Self-Storage Property
Transaction description
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.
TRANSACTION ADVISORS
William DeFanti
Vice President
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