Greystone has provided a $14,000,000 CMBS loan to refinance an 801-unit self-storage property in Torrance. Anthony Cristi, managing director at Greystone, originated the first mortgage with a 59.6% loan-to-value and 10 year term with interest only payments.
Originally constructed in 1992 as an office building, the sponsor converted it into a self storage facility in 2008 featuring standard and climate controlled units along with vault storage and wine storage units across 79 515 square feet of space.
Cristi commented that “The L.A market is prime for self storage investment due to premier operators such as SOS Storage Center who have built up their reputation as high quality service providers” .
