The BSC Group LLC, a commercial real estate financing advisor with an emphasis in the self-storage industry, has arranged $60.3 million in financing on behalf of nine self-storage owners in the past 60 days. The projects included financing, refinancing, construction and improvement loans, and a range of other financing needs nationwide. The following is a summary of transactions:
- BSC was part of a team effort that helped a New Jersey-based owner restructure and consolidate debt on 10 facilities, as well as find joint-venture partners and obtain more than $23 million in new debt and equity financing. These properties were originally collateralized by a complex mix of commercial mortgage-backed securities (CMBS) loans and traditional bank loans. “Because the owner had funded several of his properties with both CMBS and bank loans, it was quite complicated to unravel,” said BSC Principal Devin Huber.
- BSC helped a large operator in the Midwest secure a $21.5 million development loan with bank financing.
- Three other Midwest clients tapped into the company’s lending network to obtain a $4.5 million CMBS loan that refinanced an expansion loan, secured a $9.9 million acquisition loan on a four-property facility, and obtained a regional bank loan for a new acquisition.
- BSC arranged financing for the $3.15 million acquisition of two self-storage facilities in Tennessee. The client was a first-time, out-of-state buyer, according to BSC Principal Shawn Hill.
- In addition, BSC secured a loan for a New Jersey operator who wished to install solar panels on his 72,000-square-foot facility.
- The firm’s experience with Small Business Alliance programs helped it secure a 504 loan from the Small Business Administration using a local certified development company on the East Coast.
With this round of financing, the total volume of debt and equity placed by BSC now exceeds $2.5 billion. “We understand the specialized financing requirements of self-storage owners, which helps us leverage our extensive capital-markets experience to obtain unique solutions across sectors and lenders,” said Huber.
Chicago-based BSC offers financial and loan advisory, mortgage brokerage, and loan-workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market. Through its capital source network, the company provides clients with access to debt and equity financing for commercial real estate investments nationwide.