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
Email: info@thesboa.com

Featured Deal of the Month: April 2018

Date: 2/14/2018

The BSC Group recently arranged an $6.63 million construction/mini-perm loan for a Kentucky-based self storage developer. The 80% loan to cost (LTC) financing package will be used to construct a multi story, state-of-the-art self storage facility in suburban Louisville, Kentucky. The highly structured construction financing package included 48 months of interest-only financing, followed by a 36-month mini perm option amortizing on a 25-year schedule. Other features of this loan include a recourse "burn off" as completion and leasing hurdles are obtained, as well as a very attractive floating rate of 275 basis points (bps) over LIBOR during construction, which decreases by 25 bps once the certificate of occupancy is obtained and the property opens for business.