AC Self Storage refinances American Mini Storage Colorado Springs with replacement CMBS debt.
CARLSBAD, CA (June 4, 2014) AC Self Storage Solutions, LLC, through its subsidiary AC Asset Management, successfully replaced the first trust mortgage on AMS II Colorado Springs Investments, LP commonly known as American Mini Storage at 3150 Boychuck Avenue, Colorado Springs, CO 80910. The replacement debt represented more than 250 basis points in interest rate reduction and allowed nearly $350,000 in equity to be financed out.
The undisclosed lender placed a CMBS loan under the following terms:
Loan Amount: $2,800,000
Interest Rate: 4.43% fixed
Amortization: 30 years
Term: 7 years
I/O period: 3 years Non-Recourse
“The Investors and property benefit greatly when spreads tighten and SWAP rates come in to provide a great rate on this loan” says Craig Morris, President, AC Self Storage Solutions, LLC. “The low interest rate combined with 3 years of Interest-Only payments creates much stronger free cash flow while also allowing the owners to take some of their investment off the table.
About AC Self Storage Solutions
AC Self Storage Solutions, LLC (“AC SSS”) has offices in Carlsbad, CA and Newport Beach, CA. AC SSS is an owner, operator and manager of Self Storage commercial real estate across the United States. In addition to acquisitions, AC SSS also offers asset management services and has over a million square feet of Self Storage under management.