Equity Based Services Acquires Two Self-Storage Facilities
|Copyright 2014 by Virgo Publishing.|
|Posted on: 12/28/2009|
Equity Based Services Inc. (EBS) acquired two self-storage facilities, bringing its self-storage portfolio to 66 facilities. The properties, formerly operated as Access Self Storage, were acquired separately as two stand-alone facilities.
The first facility, in Colorado Springs, Colo., has 487 climate-controlled units, 31 of which are office-warehouse units, and 36 RV-parking spaces. The property has 77,720 net rentable square feet. This acquisition represents the second facility in Colorado Springs operated by All American Property Management Inc. (AAPMI) under the direction of Eric Kaplan.
The second facility, in Missouri City, Texas, is a single-structure climate-controlled facility featuring 560 rental units and 55,472 net rentable square feet. AAPMI now operates 26 self-storage facilities in Texas. The facilities will be re-branded American Mini Storage and managed by AAPMI.
Equity financing for the acquisitions came from a pool of private client investors as well as the recently closed EBS Income Fund III. The debt financing for these acquisitions came from a life insurance company and was arranged by Tavernier Capital Partners. The general terms of the loans include non-recourse, 7 percent fixed rate interest, 62 percent loan-to-purchase price ratio, and a 10-year term with a 25-year amortization.
EBS is a private real estate company specializing in the facilitating the acquisition of and the asset management of self-storage property.