Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, recently secured $32.5 million for the refinance of an 11-property self-storage portfolio.
The refinance includes a nine-year term, 30-year amortization, and a fixed interest rate of 5.43 percent on $29.8 million and 5.31 percent on the remaining $2.7 million. Eric Tupler, vice chairman and Josh Simon, senior production analyst of CBRE Capital Markets Denver office, along with Bernard Branca in the Houston office, arranged first mortgage financing.
We have been acquiring assets on an all-cash basis over the past few years, but given the current financing markets, found it accretive to finance this pool of assets with low-leverage long-term debt, said H. Michael Schwartz, chairman and CEO.
The 11 self-storage facilities are in Arizona, Florida, Georgia, Kentucky, Nevada, New Jersey, Pennsylvania and Virginia, and have a total of 7,794 units and 797,507 square feet.