StorageMart Introduces Bridge-Lending Program for Self-Storage Facilities

StorageMart, which operates more than 260 self-storage properties across Canada, the United Kingdom and the United States, is now offering a bridge-financing program designed for projects with Certificate of Occupancy as well as non-stabilized properties in lease-up and value-add deals. It aims to meet the unique needs of the self-storage sector and unlock equity for owners earlier in the stabilization process, according to a press release.

Offerings include financing of up to 80% of the property’s underwritten value, nonrecourse debt and interest-only loans. With a minimum loan size of $5 million, terms range from three to five years, with extensions available.

“StorageMart's bridge-lending program is designed to offer more flexibility and better terms for developers in the self-storage industry,” said Alex Burnam, senior vice president. “We are committed to supporting the growth and success of our partners by providing innovative financing solutions.”

Founded in 1973 and based in Columbia, Missouri, StorageMart is privately owned and operated by the Burnam Family, which has been in the storage industry for four generations. Its portfolio consists of more than 19.2 million square feet of storage.

Source: PR Newswire, StorageMart Introduces New Bridge Lending Program for Self Storage Facilities