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 May 2020

Date: 4/8/2020

 The BSC Group announced the closing of a $4.4 million CMBS loan used to refinance a self storage property located in New Jersey. The ten-year fixed-rate loan included two years of interest-only payments, followed by a 30 year amortization, and an interest rate in the mid 3% range.  This 65% LTV non-recrouse loan isolated the borrower’s liability and provided close to $2 million in "cash out" at closing, which will be used to purchase a neighboring vacant lot and expand the facility.  This transaction was closed with a national lender in their small balance loan program, which streamlined the closing process and offered the borrower a reduced, fixed cost for legal and third party reports.