Burlington Self Storage in Burlington, Mass., received $8 million in permanent financing. The new loan replaces a maturing conduit loan. Fantini & Gorga arranged the transaction on behalf of its client, BSS Properties Inc., which owns and manages the facility.
"The lender was familiar with the property, understood the industry, and recognized the management expertise and experience of the borrower,” said Casimir Groblewski, Fantini & Gorga managing director. "Self-storage as a property type has performed well in the face of the economic downturn, and has been shown to be a good investment.”
Built in 1991, Burlington Self Storage has five buildings with more than 88,000 rentable square feet and 816 units. The property is near condominiums and apartments, as well as small businesses and shopping centers.
BSS Properties develops, owns and manages self-storage facilities and other properties in New England and Florida.