National self-storage company U-Store-It Trust has obtained four secured term loans totaling $37.4 million. The loans carry a weighted average interest rate of 7.2 percent and are secured by 17 of the company's self-storage properties throughout the country. One of the loans has a 10-year maturity, one has a five-year maturity, and two have a five-year maturity subject to a five-year extension at U-Store-It's option.
The company also closed on the sale of a single property for proceeds of $5.9 million.
To date in 2009, U-Store-It has raised a total of $51.4 million through five secured loans and $11.7 million through three property dispositions. The loans have a weighted average interest rate of 7.1 percent and maturities ranging from five to 10 years. The three assets sold were in California, Florida and New Mexico.
As of June 30, the company has $146 million of borrowing capacity under its $250 million credit facility, an increase of $68 million since December 31. In addition, the company has reduced outstanding borrowings on its secured term loan by approximately $11 million and repaid one mortgage that matured in June for $1.6 million.
"We are delighted to announce that we have closed all of the loan commitments that were in the company's pipeline at the end of the first quarter as well as the sale of another asset. We continue to demonstrate our ability to raise capital in the current environment," said U-Store-It President and Chief Investment Officer Christopher Marr.
U-Store-It Trust is a self-administered and self-managed real estate investment trust. The company provides self-storage in all 50 states through its 384 company-owned facilities and the U-Store-It Network, which consists of approximately 263 third-party locations.