Chicago, IL, September 01, 2011 --(PR.com
)-- The BSC Group, LLC
, a leading commercial real estate financing advisor and provider of debt and equity capital solutions for self-storage owners, announced it arranged $74.6M in financing for a 19-property self-storage portfolio acquisition.
“The BSC Group was exclusively engaged to arrange the financing for this acquisition of a 19 property self-storage portfolio,” said Shawn Hill, a Principal with the firm. Sovran Self Storage, Inc., a self-storage real estate investment trust (REIT), worked in joint venture with a major equity sponsor to purchase the portfolio of performing stores for their newly formed venture, Sovran HHF Storage Holdings II, LLC.
The BSC Group worked closely with Locke Acquisition Group, who are engaged primarily in identifying self-storage properties for Sovran and negotiating with sellers for the acquisition of properties. In the ten years since its inception, Locke has represented buyers and sellers in nearly $1 billion of acquisition and disposition transactions.
“The BSC Group are in the capital markets on a daily basis, measuring volatility, and identifying loan program options,” said Locke President and CEO, Angelo Tomasello. “They provide a realistic and viable array of property funding options from which to choose.”
In addition, The BSC Group, in conjunction with its exclusive alliance partner, 1st Service Solutions, assisted in defeasing three loans utilizing Commercial Defeasance, LLC.
The storage facilities encompass a total of 1.4 million square feet of net rentable storage space. Seventeen of the stores are located in New Jersey, and two others are located in Pennsylvania.
The BSC Group arranged the mortgage financing package with PNC Bank, N.A.
David Rogers, Sovran's Chief Financial Officer commented, "We are excited to launch this venture with such an attractive group of properties, and the team at The BSC Group was able to provide us with a very compelling financing package for this acquisition of Class A stores."
About The BSC Group
The BSC Group, LLC was formed in 2009 and offers financial and loan advisory, mortgage brokerage and loan workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market. Through its capital source network, The BSC Group provides clients with access to debt and equity financing for commercial real estate investments nationwide. For more information visit www.thebscgroup.com