More than 2.5% reduction in Interest Rate
Arlington, TX (PRWEB) June 06, 2014
AC Self Storage Solutions, LLC through its subsidiary AC Asset Management successfully replaced the first trust mortgage on AMS II Arlington Investments, LP commonly known as American Mini Storage at 5500 S. Highway 287 in Arlington, TX. The replacement debt represented more than 250 basis points in interest rate reduction and allowed nearly $500,000 in equity to be financed out.
The undisclosed lender placed a CMBS loan under the following terms:
Interest Rate: 4.43% fixed
Amortization: 30 years
Term: 7 years
I/O period: 3 years
"We were happy to see spreads tighten and SWAP rates come in to give us a great rate on this loan" says Troy Downing, CEO, AC Self Storage Solutions. "The low interest rate combined with 3 years of Interest-Only payments makes this a strong deal allowing us to take some equity off the table and continue to see opportunity to generate strong free cash flow."
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 servicer 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. Visit http://www.acselfstorage.com