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
Building Size
—
Asset Type
Self Storage
Closing
Jul 19, 2023
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.
Players
Bolton 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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93