Toledo One Stop Self Storage Refi
StackSource arranged a $4,595,000 bridge loan for a newly-renovated self storage facility located in Toledo, OH. The sponsor group is an experienced self storage owner and operator and acquired the property in mid 2018 and converted the property from an industrial warehouse to a self storage facility. The sponsor was seeking a bridge loan that allowed them sufficient time to increase occupancy and stabilize the property while creating a reserve to cover a portion of the debt service, property taxes and PACE payments that will be incurred over the life of the loan.
StackSource Capital Advisor Chris Peters secured the 24 month interest only bridge loan from a private lender with a interest rate equal to Prime + 4.00%.