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Featured Deal of the Month: July 2017
Posted 6/20/2017
 
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The BSC Group recently secured $3.35 million in first mortgage loan proceeds used to refinance a 630-unit self storage property in Houston, TX.  The new non-recourse CMBS loan featured a fixed interest rate of 4.53% for a term of 10 years, with 12 months of interest-only payments followed by a 30-year amortization for the remaining term. At payoff the borrower was pleased to receive over $1.5 million in cash-out equity to be used to pay off debt on other assets which they will now hold in their portfolio on a unencumbered basis. This deal closed within 35 days of loan application with no changes in terms from application to closing.

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Storage Business Owners Alliance
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