Self-Storage $8MM Cash Out Refinance

Self-Storage Northern California

Caffrey & Company LLC placed an $8 million loan with a regional recourse lender.  The loan was in part refinance and cash out on a stable self-storage facility in northern California.  This stable property is situated on 7.7 acres, 96,300 SF of buildings, plus ample outside RV/boat storage.  The loan terms was 10-years, with a 30-year amortization, 5-year rate reset initial rate well below 4.40%.  Prepayment penalties step-down 3%, 2%, 1%, open to repay after the third year and if arms-length sale.