Select Commercial Closes Self Storage Loan of $6,700,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $6,700,000 commercial mortgage loan for the refinance of a 961-unit self-storage property located at 9402 North Navarro Street, Victoria, Texas 77904.  The property consists of 15 buildings with 145,545 square feet of gross building area on 9.34 acres.  The property was constructed in 2005 and is in good condition. The average unit size is 151 square feet, and 442 units are climate controlled. The property was 78.5% leased at closing.  “Select Commercial was very comfortable with the property, location, ownership and management team”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 5-year fixed rate, a 15-year loan term and a 25-year amortization.  The loan was used to refinance a maturing CMBS loan and featured a very small prepayment penalty.  “Our borrower’s previous loan had a very onerous defeasance prepayment penalty. We offered an easy stepdown penalty of 3%/2%/1% for the first three years only” said Mr. Sobin, adding, “Our rate was much lower than prevailing rates in the market”.

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau.  Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.