NANTUCKET, MA-A $10 million loan was secured for Nantucket Self Storage an 845-unit facility. Steve Henderson, a senior director with the Hartford office of Tremont Realty Capital, arranged the financing, which was funded through a national lender.

The property, which was built in 2003, is the largest self-storage facility on the island. On the borrower’s behalf, an earn-out provision was included in the deal enabling the owner to maximize proceeds over an extended period.

Henderson says that concerns over where the interest rates are headed prompted the client to move to “put the financing to bed on this project.” Henderson that because the asset is so new, the net operating income has not yet stabilized and traditional term debt would have trapped a lot of equity. “We were able to negotiate a loan structure that achieved all of these requirements.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.