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Seven Hills Realty Trust Provides $23.8M Loan To Recapitalize LA Self Storage

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FINANCED
$23,800,000

California

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Self Storage80,000 SF
Financed 07/01/2024
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Property Image
FINANCED

Seven Hills Realty Trust Provides $23.8M Loan To Recapitalize LA Self Storage

2515 Broadway

See Similar Deals
Self Storage80,000 SF
Financed 07/01/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Self Storage
Price Per Square Foot:$297
Total Square Footage:80,000 SF
Transaction Type:Loan

The self-storage facility located at 2515 South Broadway in Los Angeles underwent a recapitalization with a $23.8 million floating-rate first mortgage loan provided by Tom Lorenzini from Seven Hills Realty Trust. The property spans 80,000 square feet.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $23,800,000
  • Asset Type: Self Storage
  • Address: 2515 South Broadway
  • Market: Los Angeles

JLL played a key role in advising borrower Staley Point Capital on the transaction, introducing the deal to Seven Hills Realty Trust. Staley Point Capital acted as the landlord for the self-storage facility. Tom Lorenzini represented Seven Hills Realty Trust as the lender in this deal.

Players

Seven Hills Realty Trust
Seven Hills Realty Trust
LENDER

Details

FINANCED
IMAGE: Tom Lorenzini DATE: 07/01/2024 ADDRESS: 2515 South Broadway MARKET: Los Angeles ASSET TYPE: Self Storage ~ SF: 80,000 LENDER: Tom Lorenzini (@TomLorenzini) - Seven Hills Realty Trust LANDLORD: Staley Point Capital BROKER: JLL (@JLL) LOAN AMOUNT: $23,800,000 LOAN TYPE: Recapitalization LOAN TERMS: three-year initial term with two one-year extension options NOTE: Seven Hills Realty Trust (SEVN) secured a $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility at 2515 S. Broadway in Los Angeles. Tremont Realty Capital, SEVN’s manager, was introduced to the deal by JLL, advising borrower Staley Point Capital.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$23,800,000.00

Monthly NOI$158,666.67
Monthly Debt Service$150,432.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00