Gantry has successfully arranged $18 million to refinance two branded, Southern California self-storage facilities. The properties include a recently constructed facility in Miramar and a fully stabilized asset in Simi Valley, totaling 1,634 rentable units. Through the single cross-collateralized financing arrangement, construction debt for the Miramar property was retired and an upcoming loan maturity for the Simi Valley asset was refinanced.
Principal Peter Welsh and senior director Bahman Mirhashemi of Gantry’s Los Angeles and Irvine production offices respectively represented the borrower – a private investment sponsor – on this 10-year life company loan that features an attractive fixed rate with 30-year amortization.
Mirhashemi commented: “We had two pending maturities at different points in their life cycles; our client is an experienced private self storage operator coming into low leverage with clear long term plans for each property’s management strategy. By cross collateralizing these assets we were able to refinance both through one of our correspondent lenders.”
