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BSC Featured Deal
Posted 6/1/2016
 
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 The BSC Group announced the closing of a $3.7MM Credit Union loan. Loan proceeds were used to refinance a two property self storage portfolio located in Louisiana which recently replaced management with a new industry leading third party management group. The 5 year fixed rate loan had an interest rate in the low 4% range. The BSC Group was able to find a lender to overcome the short history of improved operations with the new management team as well as not penalize the borrower for poor financial performance of the assets while under previous management which included embezzlement and fraud . The borrower was pleased to receive enough loan proceeds to replace its maturing CMBS loan and obtain a structure with flexible prepayment terms allowing them to refinance again once the assets stabilize.

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Storage Business Owners Alliance
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