Deason Financial Group LLC of Longview, Texas, recently recapitalized a mixed-use self-storage and retail property in Granbury, Texas. Through debt financing provided by a correspondent lender in East Texas, more than $500,000 of liquidity was created for the property owner. The loan closed in March. The new five-year, fixed interest rate lowered the financing costs by more than 100 basis points.
The property consists of approximately 300 storage units and 12 retail frontage spaces. The original units were built in 1973 and developed in four stages, which resulted in an inconsistent look. A portion of the loan was re-invested into the property for renovations.