Fixed Rate, Non-recourse CMBS Loans: $14,525,000Knightsbridge arranged fixed rate debt financing for four separate self storage properties located in Virginia and New Jersey. The facilities have a total of 1900 units and 225,400 square feet.
Knightsbridge overcame the following challenges
- Historical occupancy had been low and market fundamentals had just begun to improve in the respective markets.
- Current income needed to be underwritten more aggressively than the general lending market would provide.
- Negotiated below market transaction costs saving the borrower substantial “up-front” dollars.