Chicago, IL, January 10, 2017 --(PR.com
)-- The BSC Group, LLC, a leading commercial real estate financing advisor and provider of debt and equity capital solutions for self-storage investors, announced the arrangement of $30M in non-recourse construction loan takeout financing for a self-storage property in Long Island City, NY.
Loan proceeds were arranged on behalf of Review Avenue Partners, LLC, a Joint Venture between Life Storage LP (https://www.lifestorage.com/company
), a self-storage real estate investment trust (REIT), and Review Avenue Storage, LLC, an affiliate of Equator Capital Management, LLC. The new financing closed at certificate of occupancy and the property will be branded, operated and managed by Life Storage.
Paul Powell, Chief Investment Officer of Life Storage commented, "We are excited to be involved with such an attractive and well located property in the NYC boroughs, and the team at The BSC Group was able to provide us with a very compelling financing package for this Class A store."
Brett Ripka, Chief Investment Officer of Equator Capital Management added, “The BSC Group ran a comprehensive process and we are extremely pleased with the debt terms that they were able to obtain.”
The BSC Group worked closely with Locke Acquisition Group, who is primarily engaged advising Life Storage on joint ventures, acquisitions and financings. Since its inception, Locke has represented clients in over 2 billion of 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 consistently provide a realistic view of the market and viable array of funding options from which to choose.”
The BSC Group arranged the mortgage-financing package with a large money center bank. The mini-perm loan featured interest only payments during lease up and a very low variable interest rate spread over Libor.
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