Extra Space Storage Inc. has obtained a commercial mortgage-backed security loan from Bank of America/Merrill Lynch for $82.2 million.

January 19, 2011

1 Min Read
Extra Space Storage Obtains $82.2M CMBS Loan

Extra Space Storage Inc. has obtained a commercial mortgage-backed security loan from Bank of America/Merrill Lynch for $82.2 million.

The loan, designated for general corporate purposes and to repay debt, has a fixed market rate of 5.8 percent for the life of the loan and is secured by 16 self-storage properties. Extra Space Chief Financial Officer Kent W. Christensen said in a company news release that Extra Space is one of the first self-storage real estate investment trusts to re-enter the CMBS market since the 2008 financial crisis.

Headquartered in Salt Lake City, Extra Space owns or operates 820 self-storage properties in 34 states and Washington, D.C. The companys properties comprise approximately 550,000 units and more than 59 million square feet of rentable space.

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like