Chicago, IL April 23, 2012: The BSC Group, LLC, a leading commercial real estate financing advisor and provider of debt and equity capital solutions for commercial property owners, announced recent financing transactions totaling $31.82MM in loan proceeds on behalf of self-storage and commercial property owners.
"Our mission at The BSC Group is to stay abreast of the myriad of lending options available in the capital markets and then to deliver the most appropriate solution available to meet the client's specific financing objective" explains Devin Huber, a Principal with the firm. "It's important to note that many different programs are once again active, as evidenced by the transactions we have recently executed."
For example, in one assignment The BSC Group was engaged to arrange the financing for the acquisition of a self-storage portfolio in the South. "The institutional client did not want to deal with the structural limitations of a CMBS execution" said Shawn Hill, a BSC Principal. "As a result we were able secure a balance sheet execution with a national bank, which offered a compelling 10 year, non-recourse option with more relaxed structural features."
On another assignment the firm secured a more straightforward $3.8 million CMBS loan on a 65,000 square foot self-storage facility. The transaction, which required careful negotiations to consolidate its TIC ownership structure, was notable because in spite of the smaller loan size (less than $5M), there were several conduits that competitively bid for the business.
The firm has also seen local and regional banks getting more competitive for loans. Locally, the firm structured a $1.6 million refinancing package for a recently constructed mixed-use retail and multifamily property on Chicago's Near West side. The firm also successfully sourced a $2.4 million regional bank loan for a 110,000 SF institutional quality self-storage facility in Arizona. Both of these transactions offered 5 year terms and 25 year amortizations with attractively low rates.
Finally, the firm has seen Credit Unions getting more aggressive for deals as evidenced by three recent transactions that were funded using this source of capital. All three loans were fixed rate, 5 year loans with open prepayment, providing a nice hedge for the borrowers if rates continue to drop or should they plan to sell or refinance their property again in the near term. These three deals represented 136,000 square feet of self-storage space located in three different Western States.
The BSC Group has been voted Best of Business - Finance for six years running by the readers of Inside Self-Storage.