Updated Dec 4, 2024
Gantry Secures $17.6M Refinance Loan For SAF Keep San Ramon & SAF Keep Hayward Self Storage
2001 Faria Preserve Parkway & 1650 West Winton Avenue
$17,600,000
Building Size
—
Asset Type
Self Storage
Closing
Dec 20, 2023
About this deal
AI
Sourced from a correspondent life company lender, Gantry has secured $17.6 million in 10-year loans to refinance two self-storage facilities in the Bay Area. The loan amount of $9.5 million will be used to refinance SAF Keep San Ramon, located at 2001 Faria Preserve Parkway in San Ramon. Additionally, $8.1 million will be allocated to refinance SAF Keep Hayward, situated at 1650 West Winton Avenue in Hayward. Both properties offer attractive fixed rates locked at application and have a 30-year amortization, which mitigates rate fluctuations during the six-month period from rate lock to closing.
Summary of transaction details:
- Property Type: Self Storage
- Loan Amount: $17,600,000
- Loan Type: Refinance
- Loan Terms: 30-year amortization
- Market: San Ramon & Hayward
- Brokers: Erinn Cooke & Tom Dao - Gantry
The refinancing deal was facilitated by Gantry, with Erinn Cooke and Tom Dao representing the brokerage firm. Their expertise in the real estate market allowed for the successful negotiation and implementation of the loan agreement.
On the Map
$17,600,000
Self Storage
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San Ramon Self Storage Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93