TNT Self-Storage Management, a third-party management firm serving the self-storage industry, has received a customized suite of cash-management services from Pacific Mercantile Bank. The specialized program integrates with TNT’s accounting software and can be applied to individual self-storage facilities in its portfolio. The facility operator also received $5.6 million in financing from the lender that it intends to use to acquire storage properties, according to a press release.
“The cash-management program is highly scalable and will continue to serve our needs as we add new locations,” said Ray Tuohy, president of TNT. “In addition, the financing provided by Pacific Mercantile Bank will enable us to expand into the Arizona market.”
Pacific Mercantile Bank provides a wide range of commercial-banking services. Based in Orange County, Calif., it has nine offices across Southern California. It’s a subsidiary of Pacific Mercantile Bancorp.
Based in Anaheim, Calif., TNT has more than 40 self-storage facilities in its management portfolio, according to the release.