Gantry Secures $8M Loan For Refinance Of Self Storage Facility In Chicago

A private real estate investor has secured an $8 million loan to refinance a self-storage facility located at 605 S. Wabash Avenue in Chicago's South Loop. The facility, spanning 95,000 square feet and comprising 1,184 units, is undergoing a transition to Extra Space Storage under new onsite management.

Summary of transaction details

• Property Type: Self Storage
• Transaction Amount: $8,000,000
• Square Footage: 95,000
• Number of Units: 1,184
• Address: 605 South Wabash Avenue
• Market: Chicago

Gantry, represented by brokers Andy Bratt and Sean Kuang, facilitated the $8 million loan. The five-year fixed-rate permanent loan features an initial interest-only period, non-recourse terms, and a stepdown prepayment penalty.