Gantry has secured $40 million of financing to acquire four self storage facilities as the upleg for a strategic 1031 exchange. The portfolio includes three Storelocal Self Storage locations in Tennessee and a U.S. Storage Center in Florida.
The assets comprise a total of 286,000 rentable square feet. The assets were assembled in a series of individual acquisitions requiring unique loans in both permanent, bridge and hybrid structures to optimize each financing.
Gantry’s Andy Bratt and Amit Tyagi secured the loans on behalf of the borrower, a multi-generational private family. All four fixed rate loans were secured from Gantry’s roster of correspondent life company lenders.
Two of the loans were for permanent loans of 7- and 12-years, each with significant interest only periods. Two of the loans were bridge loans, also done through a correspondent life insurance company, featuring extension options and an interest only period.