Self-storage financing firm The BSC Group LLC reported a record year in 2013, closing 54 loans on 99 properties totaling more than $319 million. The deals included more than 30 small-balance loans under $5 million that used a wide range of funding types including commercial mortgage-backed securities (CMBS), Small Business Administration (SBA) loans and balance-sheet executions.
“This past year we were able to take advantage of the abundant liquidity in the capital markets,” said Devin Huber, principal. “Based on our clients’ current demand for financing, the low interest rate environment and the continued liquidity in the capital markets, we expect 2014 to be another strong year.”
Among its deals, BSC Group helped Storage Pros Management LLC secure nine loans on 29 properties totaling more than $69 million. The company placed more than $45 million in debt for Storage Pros in 2012. Late last year, BSC Group also closed a $51.75 million CMBS refinance loan for a 10-property portfolio operated by iStorage.
“We owe a huge debt of gratitude to our loyal customers for our continued success,” said Shawn Hill, also a principal.
BSC provides financial and loan advisory, mortgage brokerage, and loan-workout solutions to commercial real estate owners and investors, with a special emphasis on the self-storage market. Through its capital source network, the company provides access to debt and equity financing for commercial real estate investments nationwide.