Greystone has provided a $14,000,000 Commercial Mortgage Backed Security (CMBS) loan to refinance an 801-unit self-storage property, SOS Storage Center, in Torrance, California. The financing was originated by Anthony Cristi, Managing Director at Greystone.
The property was originally constructed in 1992 as an office property and was converted in 2008 by the Sponsor to a self-storage facility. The property consists of 801 self-storage units made up of predominantly standard and climate-controlled units, and also features vault storage and wine storage units, across a total of 79,515 square feet (SF). The property also contains 109 RV parking spaces across 41,752 SF; 27 of these RV parking spaces are indoors (14,319 SF), while 82 are outdoors (27,433 SF). The total indoor square footage at the property is 93,834 SF. Facility amenities include surveillance cameras, individual unit locks, and keypad entry. The first mortgage, provided at 59.6% loan-to-value, includes a 10-year term with interest-only payments.
“The L.A. market is prime for self-storage investment, and premier operators such as SOS Storage Center have built a reputation as a high-quality, in-demand service provider to this area,” said Mr. Cristi. “Greystone strives to provide a wide range of financing options, and our CMBS platform is ideally suited for the self-storage asset class.”