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1/03/25
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Trojan Storage has obtained a $70 mil, structured permanent loan to retire existing construction/bridge debt and re-capitalize four recently completed/value-add self-storage facilities. The four properties are currently undergoing their initial lease up. All of the properties are exceptionally well-located in SoCal and NoCal regions.
Gantry’s Andy Bratt, Amit Tyagi and Sean Kuang arranged the financing. The loan, provided by a life company lender, features a fixed-rate with a lengthy interest-only period during the term.
The Trojan Self Storage properties in this loan include:
• Trojan Storage San Jose
• Trojan Storage Campbell
• Trojan Storage Rancho Cordova
• Trojan Storage Camarillo
According to Bratt, Trojan Storage is a sophisticated developer/owner-operator that has a unique capital structure, with unique needs. The task here was finding a fixed-rate permanent financing vehicle for assets that are in their initial lease up periods with minimal, but quickly growing, in-place cash flow. Three of the four assets are large and will require some time to reach stabilization. The new financing allows Trojan Storage to comfortably stabilize the portfolio under a low fixed interest rate.
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