Financing Senior and Stretch Senior Loans for Ground-Up Construction and Development of High-Quality Self-Storage Facilities

George Smith Partners has identified a capital provider financing senior and stretch senior loans for ground-up construction and development of high-quality self-storage facilities. They offer a fixed-rate, interest-only program with rates in the low to mid-teens. Additionally, they will lend up to 95% of total approved hard and soft cost incurred or advanced commencing at loan closing. Terms are 36 months plus one six-month extension subject to satisfaction of defined milestones including issuance of certificate of occupancy (typically within 18 months). This capital provider lends in the United States and Canada. To close, land must be contributed by the builder with all necessary zoning and entitlements in place.