TurnCap recently funded a $7.75 MM bridge loan on a six property self-storage portfolio totaling approx. 1,250 units and 160,000 SF located in Michigan. The Subject consists of walk-up units that are secured by a perimeter fence and security system. The facilities were acquired in 2017, and since closing the Sponsor has implemented a number of capital improvements which have led to a substantial increase in lease and occupancy rates.
The sponsor is a professional and sophisticated owner and operator of self-storage facilities throughout the Midwest. The sponsor intends to use the proceeds from TurnCap’s loan to refinance an outstanding loan, and complete various maintenance upgrades prior to taking to the permanent market.
Transaction Highlights
Strength of Sponsor
The Sponsor is a sophisticated owner and operator of self-storage facilities throughout the Midwest.
Proven Business Strategy
The Sponsor has implemented several capital improvements and rebranding initiatives that have dramatically increased annual revenue figures, occupancy rates, and base rent prices since acquisition in 2017.
Exit Strategy
The loan has a clear exit strategy via a refinance or sale at maturity.
