Updated Oct 29, 2024
Greystone Grants $14M CMBS Loan To Refinance Torrance Self-Storage Property
19840 Pioneer Avenue
$14,000,000
$176/SF
Building Size
79,515 SF
Asset Type
Self Storage
Closing
Sep 14, 2023
About this deal
AI
SOS Storage Center, a self-storage property located at 19840 Pioneer Avenue in Torrance, has secured a $14 million CMBS loan from Greystone. The loan, facilitated by Anthony Cristi, will be used for refinancing purposes. The property, which was converted from an office space to self-storage in 2008, offers a total of 801 units across 79,515 square feet.
Summary of Transaction Details
- Property Type: Self Storage
- Transaction Amount: $14,000,000
- Units: 801
- Square Footage: 79,515
- Market: Torrance
Greystone, represented by Anthony Cristi, played a key role in providing the $14 million CMBS loan for the refinance of SOS Storage Center. The 10-year term loan offers interest-only payments and a loan-to-value (LTV) ratio of 59.6%. This financing will support the ongoing operations and maintenance of the self-storage property, which has been a valuable asset in the Torrance market since its conversion from an office space.
Players
Torrance Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93