Updated Sep 5, 2024
Gantry Secures $18M Loan To Refinance Self Storage Facilities In Simi Valley & San Diego
52 Tierra Rejada Rd Simi Valley, CA 93065, USA
$18,000,000
Units
1,634
Asset Type
Self Storage
Closing
Jul 19, 2023
About this deal
AI
Gantry has secured $18 million in financing to refinance two branded self-storage facilities in Southern California. The loan allows the borrower, a private investment sponsor, to address pending loan maturities for a newly constructed facility in Miramar and a fully stabilized asset in Simi Valley. The properties are located at 52 Tierra Rejada Road in Simi Valley and 7988 Miramar Road in San Diego, offering a total of 1,634 self-storage units.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $18,000,000
- Loan Type: Refinance
- Loan Terms: 10-year life company loan features an attractive fixed rate with 30-year amortization
- Brokers: Peter Welsh & Bahman Mirhashemi - Gantry
The loan was arranged by Peter Welsh and Bahman Mirhashemi from Gantry. The refinancing will provide the borrower with an attractive fixed rate and a 30-year amortization schedule. This will help them address pending loan maturities for their newly constructed facility in Miramar and their fully stabilized asset in Simi Valley.
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$18,000,000
Self Storage
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93