Updated Oct 29, 2024
Bank Of America Provides $462.5M Refinance Loan For Self Storage Portfolio
Texas, United States
$462,500,000
$67/SF
Building Size
6,900,000 SF
Asset Type
Industrial
Closing
Sep 22, 2022
About this deal
AI
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.
On the Map
$462,500,000
$67/SF
Industrial
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Players
Blanket Industrial Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93