COSTA MESA, CA-Longtime self-storage finance expert Jim Davieshas joined Belgravia Capital as a managing director to focus onfinance and advisory services for the company's storage industryclients. Davies, a 28-year industry veteran whose expertiseincludes both direct lending and structured finance advisoryservices, tells GlobeSt.com that he will work closely with partnerand co-managing director Nik Chillar to grow the self-storageportion of Belgravia's business through what he describes as "afull range of capital stack investment solutions."

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Davies says that the focus of Belgravia's business is to be adebt provider for its clients in two forms, as a principal and asan adviser leveraging off of its strategic relationships withcapital sources. He says that in today's environment, the debt thatis most needed is "friendly rescue capital" and refinancing formaturing loans.

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To meet the need for friendly rescue capital, Belgravia hasestablished a New Horizons Fund that will invest in discountedmortgages, both performing and non-performing. It has alreadyclosed on $50 million of initial capital for the New Horizons Fundand expects a to close on $50 million more by the end of June,increasing the fund's total to $100 million. With leverage, thefund will then have $200 million of investment capacity.

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The New Horizons fund will be able to help borrowers buy backtheir own loans and then restructure them to provide the borrowerswith more time. Belgravia "did the hard work to become an approvedFDIC Structured Transaction bidder," Chillar says. He says that thefund will enable Belgravia, on behalf of its clients, to "navigatethrough the evolving distressed market, show them investmentopportunities, capitalize them and, for the right transaction,become their partner."

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In addition to the New Horizons fund, Belgravia is in earlydiscussions now with potential capital partners for a storage debtprogram to provide first mortgage, non-recourse debt foracquisitions and refinancings. Davies—who was formerly bothco-founder and an owner of Buchanan Storage Capital and anexecutive at Belgravia and Finova—notes that Buchanan StorageCapital and Belgravia both partnered in national CMBS programs withleading capital sources, including the first national CMBS storageprogram in 1993 at Belgravia. He says that the new Belgraviastorage debt program will launch "at the right time with the rightpartner."

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For clients who do not fit into either the New Horizons programor the storage debt program when it is launched, Belgravia providesa full slate of advisory services, Davies points out. "We willutilize our 28 years of relationships to provide clients withaccess to high-net-worth and institutional equity and the debt thatis most appropriate for them," he says.

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In addition to his duties as an executive in the self-storagefinance industry, Davies is the founder and organizer of the annualStorage Owners Summit, now in its sixth year, which is scheduledthis year for July 22 at the Balboa Bay Club in Newport Beach. Thisyear's program will feature Ron Havner, the vice chairman,president and CEO of Public Storage, as the keynote speaker. Theevent will be co-hosted by Belgravia Capital and the CaliforniaSelf Storage Association.

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