Storage Business Owners Alliance
30665 Northwestern Highway  Suite 100
Farmington Hills, MI 48334 USA
Toll Free: (248) 254-9000
(248) 254-9000
Phone: (248) 254-9000
Fax: (248) 538-4327

Featured Deal of the Month: November 2017

Date: 10/23/2017

The BSC Group recently closed a $3.35 million non-recourse loan for a Houston, TX-based sponsor to refinance a self storage facility located in Baytown, TX. Although the existing financing in place featured a low rate with plenty of remaining term, the borrower elected to take advantage of current market conditions by locking into a new, 10-year fixed interest rate below 4.5%, while simultaneously extending the amortization from 25 to 30 years, thereby enhancing the cash flow from operations. The borrower was also able to "cash out" equity on a tax-free basis at closing, which was then used to pay off another asset owned by this sponsor with much higher cost debt.