"The BSC Group was able to help us negotiate refinancing that resulted in nonrecourse loans with significant cash out," Said David Levenfeld, CEO of Storage Pros Management.
Chicago, IL (PRWEB) October 22, 2012
The BSC Group, LLC, a leading commercial real estate financing advisor and provider of debt and equity capital solutions for self-storage owners, announced that the company arranged refinancing totaling more than $16 million for six Class A self-storage properties in Michigan during the month of September. The deals were executed in two separate transactions on behalf of Storage Pros Management LLC, the largest owner-operator of self-storage facilities in Michigan.
“The BSC Group was able to help us negotiate refinancing that resulted in nonrecourse loans with significant cash out,” said David Levenfeld, CEO of Storage Pros Management. “They assured that the transactions were executed in timely fashion and successfully advocated for our interests throughout.”
“One of our key objectives was to identify a lender that was willing to focus on deal fundamentals rather than the amount of cash out,” said Devin Huber, a principal with The BSC Group. “We were able to do that, and as a result, in the case of five of the properties, Storage Pros was able to get cash out for more than 80 percent of their original invested equity and lower their interest rate by more than 2 percent.”
“We place great value on our relationship with The BSC Group,” said Levenfeld. “We’ve now closed 14 loans together since June and have another five set to close in late October. Their expertise and resourcefulness in this industry produce terrific results.”
About The BSC Group
The BSC Group, LLC provides financial and loan advisory, mortgage brokerage, and loan workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market. Through its capital source network, The BSC Group provides clients with access to debt and equity financing for commercial real estate investments nationwide. For more information, visit http://www.thebscgroup.com.
About Storage Pros
Storage Pros Management LLC and its affiliates own 31 self-storage facilities and manage another 22, with all 53 located in New England, the Midwest and the Southeast. The properties comprise more than 3.1 million square feet of self-storage space and more than 27,000 storage units and parking spaces for rent. The SPM platform is focused on leveraging economies of scale by aggregating multiple assets within each market in which SPM operates.