TurnCap recently deployed $7.6 million in capital to refinance a 54,000 SF Class A self-storage facility located in Charleston, South Carolina. The facility was completed in late 2019 and totals 584 units, of which 544 are climate controlled. The facility is currently 90% occupied. The purpose of the bridge loan was to return a portion of the Sponsor’s equity as they owned the asset debt free while also providing the Sponsor flexibility as they evaluated potential sale or permanent refinance options.
Strength of Collateral
The facility is a fully stabilized, class A facility located on a main thoroughfare in Charleston, SC. Built in 2019, the asset quickly leased up reaching 90% occupancy levels shortly after coming to market. The Sponsor continues to increase rental rates while maintaining stabilization.
Sponsor Track Record
The Sponsor for this transaction is an active developer with over 3,000,000 SF of storage space under ownership scattered across the Southeast. Their experience in development ranges from multifamily to self-storage and have totaled transactions in excess of $1.5B since inception in the late 2000’s.