Greystone has provided a $14,000,000 CMBS loan to refinance an 801-unit self-storage property, SOS Storage Center, in Torrance. The financing was originated by Anthony Cristi, managing director at Greystone.
The first mortgage, provided at 59.6% loan-to-value, includes a 10-year term with interest-only payments.
The property was originally constructed in 1992 as an office property. The sponsor converted it to a self-storage facility in 2008. It includes 801 self-storage units made up of predominantly standard and climate-controlled units, and also features vault storage and wine storage units, across a total of 79,515 square feet.
“The L.A. market is prime for self-storage investment, and premier operators such as SOS Storage Center have built a reputation as a high-quality, in-demand service provider to this area,” said Cristi.
