Citigroup Global Markets Realty Corporation, a CMBS lender, provided a $29.13 million loan to Strategic Storage Trust for the refinancing of 11 of its properties in various locations throughout the United States according to National Real Estate Advisor. The ten year loan was set at a fixed interest rate of 5.77% and a 30-year amortization. CBRE Capital Markets arranged the financing.
"This financing was our first time utilizing a CMBS execution since the 2007 change in the market," said H. Michael Schwartz, CEO of Strategic Storage Trust, Inc. "Despite the more constrained documentation and extensive due diligence requirements of the new CMBS programs, the CBRE team did an excellent job helping us navigate our way through the process and closing the financing. The low 10 year fixed interest rate will be accretive for our FFO going forward as the money is invested in new acquisitions." The 11 facilities are located in Metro Chicago, Las Vegas, Alpharetta, Biloxi, Florence, Gulf Breeze, New Jersey, and West Mifflin for a total of 7,785 units and 944,500 square feet.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment