PSRS has arranged $6.3 million in refinancing for a self-storage facility in Provo, Utah. The 130,510-square-foot property contains 725 units and was 65 percent occupied at the time of closing. The loan carries a 30-year amortization schedule and includes cash-out proceeds. William DeFanti of PSRS secured the financing for an undisclosed borrower.
The transaction is one example of lenders extending capital to self-storage assets that have not yet reached stabilized occupancy.
Source: REBusiness Online
