The collateral for this loan consists of an approximately 41,866 net rentable square feet self-storage facility in Montgomery, TX. Montgomery TX is about 45 miles from the heart of Houston. Built in 2007, the 270-unit facility sits on a 10-acre site which will allow for an expansion of an additional 30,000 square feet. Immediately after the acquisition, the borrower will implement its unique automated management platform and focus on increasing in-place rents as well as increasing the current occupancy of 90%.
Master Loan Amount: $8,000,000
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Nine months with a final maturity date of 9/15/23.