COSTA MESA, CA-Belgravia Capital has negotiated a discountednote buy-back from the lender on two institutional qualityself-storage assets and has brought in an equity investor to assistin acquiring the notes on behalf of the owner.Belgravia―which brought on self-storage finance veteranJim Davies as a managing director earlier thisyear―acted on an exclusive basis for theowner in the buy-back of the note from a regional bank and inbringing on the experienced equity investor to assist in acquiringthe notes on an all-cash basis.

According to Davies, the transaction resulted in a new venture,in which going forward, both parties will participate in the upsideof the property through a friendly deed in lieu transaction. Theself-storage assets are in the Northeast US.

Davies represented the client, with Mike Huntley assisting inthe execution of the transaction. The property owner, David Greth,noted that the deal was completed in less than 21 days and that theresult was "a structure that worked for the bank, the new investorand for me.”