Equity Based Services Inc. (EBS) renegotiated an extension on an existing construction loan for a two-story expansion to EZ Store self-storage in Peoria, Ariz. The three-year loan, which came due this month with Imperial Capital Bank, was extended for an additional year. The refinancing will have the same interest rate of prime plus 50 basis points and be amortized over 25 years.
EZ Store opened in February 2008 and is 79 percent occupied.
EBS is a private real estate company specializing in the acquisition and management of self-storage properties. The company owns and operates 63 self-storage properties in 11 states.