Locations:
Concord, CA
San Ramon, CA
Egg Harbor, NJ
Derry, NH
Manchester, NH
Brentwood, NY
Green Brook, NJ
Kings Park, NY
Port Washington, NY
Client:
ExtraSpace Northern Investment, San Francisco, CA
Properties:
Nine self-storage facilities located in California, New Hampshire, New Jersey, and New York, with total 5,956 units, or 563,389 square feet.
Assignment:
Arrange long-term fixed rate financing secured by the portfolio.
Challenges:
Variable market conditions across the portfolio
Borrowing entity required buy-out/transfer provisions in the loan structure
Non-recourse request
Results:
$34,500,000
Rate: 10-Year Treasury plus 78 basis points
Amort: 10-Years Interest-Only
Fees: PAR
Liability: Non-recourse to the principals of the borrowing entity
