Storage

Shadelands Self Storage: $10,300,000
Dexia funded this $10,300,000 loan secured by a 15-building, 1,195-unit mini-storage facility located in Walnut Creek, California. The property has reached a stable occupancy rate of 97%. The loan was structured with a 10-year term based on a 30-year amortization period. The loan was underwritten to a 1.81 DSCR and a 60% LTV.

 

Four Corners Self-Storage:
Dexia funded this $4,200,000 loan secured by a 481-unit self-storage facility located in Maple Valley, Washington. The subject contains 53,050sf of net rentable area in seven buildings (6 one-story, 1 two-story), 34 RV unit stalls, and a sales office/apartment building. The subject has reached a stabilized occupancy of 85%. Reserves were established for taxes, insurance, and capital expenditures. The loan was structured with a 10-year term based on a 30-year amortization period. The loan was underwritten to a 1.45 DSCR and a 76% LTV.

 

EZ Storage - Pico: $13,000,000
Dexia funded this $13,000,000 loan secured by a self-storage facility located in Los Angeles, California. The existing single-story building contains 695 units while the proposed building will contain an additional 465 units in a four-story structure. Reserves were established for taxes, insurance, and capital expenditures. Additionally, an earnout reserve –in the form of two Letters-of-Credit (LOC)– was established. The loan was structured with a 10-year term based on a 30-year amortization period. The loan was underwritten to a 1.32 DSCR and 64% LTV.