Bank Of America Provides $462.5M Refinance Loan For Self Storage Portfolio
FINANCED
$462,500,000
+ 2
Texas
See Similar DealsIndustrial6,900,000 SF
Financed 09/22/2022
FINANCED
Bank Of America Provides $462.5M Refinance Loan For Self Storage Portfolio
Texas, United States
See Similar DealsIndustrial6,900,000 SF
Financed 09/22/2022
+ 2
Summary
TEXAS
Asset Type:Industrial
Price Per Square Foot:$67
Total Square Footage:6,900,000 SF
Transaction Type:Loan
The Self Storage Portfolio, located in Texas, Michigan, Ohio, Arkansas, Oklahoma, New Hampshire, South Carolina, Florida, and Georgia, has undergone a refinancing deal. The industrial asset spans approximately 6,900,000 square feet and is owned by SpareBox Storage and Davidson Kempner Capital Management.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $462,500,000
- Loan Type: Refinance
- Lender: Bank of America
- Landlord: SpareBox Storage & Davidson Kempner Capital Management
- Brokers: Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Aaron Swerdlin & Taucha Hogue - Newmark
The lending institution involved in the deal is Bank of America. The brokers representing the transaction are Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Aaron Swerdlin, and Taucha Hogue from Newmark. The self storage portfolio is spread across eight states and is located in strong submarkets. It is described as being well-leased.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$462,500,000.00
Monthly NOI$3,083,333.33
Monthly Debt Service$2,923,314.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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