Grandbridge Arranges $44.5 Million Self-Storage Portfolio Refinance

Published On: 03.08.17

Elite Self-StorageMIAMI – Grandbridge Real Estate Capital recently closed a $44,500,000 first mortgage loan secured by an eight-property, 4,400-unit, self-storage portfolio in Wilmington, Delaware.

The refinance transaction was originated by Grandbridge Miami-based Vice President Michael Balan for Storage Rentals of America, a repeat client. The permanent, fixed rate loan was funded through BB&T Real Estate Funding (BBTREF) and featured an initial period of interest only, a 10-year term and 25-year amortization.

“The Grandbridge and BBTREF teams were extremely professional and creative in offering us the best terms and flexibility long term to match the business plan for the deal,” said Benjamin Macfarland, CEO of SROA Capital, LLC, formerly named Elite Stor Capital Partners, LLC.

“The borrower’s deep understanding of self-storage properties, together with a stellar investment group, allowed us to offer the best terms available. The two challenges we had to overcome were the sharp increase in Treasuries at the time we looked to lock in the rate and the fact that it was a portfolio, so we lent on a large number of units at once,” said Balan.