AC Self Storage refinances American Mini Storage Missouri City, TX with replacement CMBS debt.
CARLSBAD, CA (June 16, 2014) AC Self Storage Solutions, LLC through its subsidiary AC Asset Management, successfully replaced the first trust mortgage on AMS I Missouri City Investments, LP commonly known as American Mini Storage 2604 FM 1092, Missouri City, TX. The replacement debt represented more than 250 basis points in interest rate reduction and allowed nearly $1,300,000 in equity to be financed out.
The undisclosed lender placed a CMBS loan under the following terms:
Loan Amount: $4,800,000
Interest Rate: 4.43% fixed
Amortization: 30 years
Term: 7 years
I/O period: 3 years Non-Recourse
“We were happy to see spreads tighten and SWAP rates come in to give us 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 equity 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.