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Featured Deal of the Month: December 2016
Posted 12/8/2016
 
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The BSC Group negotiated a $2.9 million loan with a regional bank for the acquisition of an underperforming self storage facility in Atlanta. The five-year floating rate loan has an interest rate of Libor plus 310 bps with a 24 month interest-only period and a 30 year amortization thereafter. The loan can be converted to a fixed rate at anytime during the term. The 65% LTC loan will be used to acquire, address deferred maintenance and re-brand the property. During the properties stabilization period the loan is recourse. However, once stabilized the loan becomes nonrecourse, a structure the sponsor required based on its corporate structure.

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