The BSC Group, a Chicago-based commercial real estate financing advisory firm that specializes in the self-storage industry, formed a marketing alliance with 1st Service Solutions Inc. to exclusively promote its loan restructuring services to storage owners and investors nationwide.

Based in suburban Dallas, 1st Service Solutions was the country’s first firm to serve as a borrower advocate in loan restructuring and assumptions for commercial mortgage-backed securities (CMBS) borrowers. Since its formation in 2005, the firm has resolved more than $2 billion in loan restructurings and $1.7 billion in assumptions for clients.

The alliance was formed to help self-storage property owners obtain lower interest rates, reduce monthly payments and modify loan terms for distressed properties. To achieve these benefits, The BSC Group and 1st Service Solutions team members will create strategic workout packages, prepare clients for the workout process, and represent client interests during lender negotiations to support a continued financing relationship.

“Given our firms’ respective experience and expertise in CMBS markets, there clearly is an overlap in our client and prospect profiles,” said Shawn Hill, a BSC Group principal. “This alliance presents an extraordinary opportunity to capitalize upon a cross-pollination of services that will provide both companies with additional business opportunities.”

1st Services Solution’s President and CEO Ann Hambly commented, “We're eager to build a presence in the self-storage marketplace through The BSC Group’s networking and marketing support. Their principals’ longstanding storage industry brand identity will be invaluable as we introduce our services to property owners and investors.”

Related Articles:

Commercial Mortgage-Backed Securities and the Self-Storage Market Today

State of the Self-Storage Industry 2010, Part II: Finance and Construction

Self-Storage Financing: Facing the Break Point and Predictions for 2010

Self-Storage Talk: Finance Question