Salt Lake City-based Extra Space Properties Thirty LLC, an affiliate of Extra Space Storage Inc., has filed a $2.8 million loan through Bank of America NA for a storage facility at 7954 Patriot Cove in Cordova, Tenn. The transaction is part of an amended $75 million revolving line of credit Extra Space Properties has through Bank of America, filed in 2009.
The Cordova site is a 55,537-square-foot, one-story warehouse built in 1997. It sits on 4.2 acres west of North Germantown Parkway at the dead-end of Patriot Cove. The rear of the property faces the Shelby Farms Greenline.
In conjunction with the loan document, a quitclaim was filed with the Shelby County Register of Deeds. The deed quitclaims the site from Extra Space Properties Twenty Nine LLC to Extra Space Properties Thirty LLC.
The appraisal of the property per the Shelby County Assessor of Property is $2.3 million. According to the loan document, of the $75 million loan, the maximum principal indebtedness for the Cordova property is $2.8 million.
Headquartered in Salt Lake City, Extra Space Storage is a real estate investment trust that owns or operates 854 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 550,000 units and more than 60 million square feet of rentable storage space.