Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets and the industrial market, click here.)

KILLEEN, TX-An investor from Sacramento has obtained a $7-million loan to refinance a 151,540-sf, 210-unit Storage Kings of West Killeen. SK West Killeen LP and Susac-Williams II LLC received the funding to pay off loan for acquisition and additional construction.

“We’d arranged an acquisition loan for them a little more than a year ago, and at the time, there’d been a construction component as well,” explains Damon Reed, vice president of GMAC Commercial Mortgage Corp.’s Birmingham, AL office.

Reed, who brokered the financing through CIBC Bank in Toronto, ON, Canada, adds that the new permanent loan was obtained to pay off an original bridge loan, which helped the owners acquire and add 210 units to the 1986-constructed facility.

The storage facility is located at 4201 Clear Creek Rd. on more than 18 acres and consists of 22 buildings and a total of 1,249 storage units, as well as an office and management apartment building. According to Reed, the 90% occupied facility isn’t the borrower’s only asset in Texas.

“The borrower has three self-storage properties in Austin and a couple of manufactured home communities in Houston,” Reed tells GlobeSt.com, adding that he’s arranging financing for the borrower’s mobile home park in Houston.

The 10-year Storage King loan carries a 6.01% fixed rate, a 30-year amortization and has a 75% LTV. Reed notes that the financing was not difficult to obtain. “We were very familiar with the property and the borrower,” he explains. “Their business plan was executed to a T, and everything was built ahead of schedule.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and 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 GlobeSt.com now!

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.