$6M Loan to Buy, Expand Storage Facility

HIGHLAND PARK, IL-Boston-based BC HP Storage LP has bought the 572-unit, 56,600-sf, four-building property at 1505 Old Deerfield Road, with plans to add 42 units and 5,000 sf. Builders Bank hopes to expand lending to the self-storage sector.

By Mark Ruda | Updated on November 20, 2003

HIGHLAND PARK, IL-Boston-based BC HP Storage L.P. is using a $6-million loan from Builders Bank to buy and renovate a four-building self-storage property at 1505 Old Deerfield Road in this North Shore suburb. The 56,600-sf property, which is located on 2.8 acres just west of the Edens Expressway, includes 578 units but the new owner plans to add another 42 in a 5,000-sf expansion.

SHS Development will manage the property, which will be part of the Lock Up Self Storage chain.

Builders Bank underwriter Craig A. Szafranski says the lender is aiming to write more loans on self-storage facilities. Fellow underwriter Shannon P. Eidman and senior vice president Joyce D. Judah arranged the financing for BC HP Storage L.P.

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