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2 Self Storage Properties

Various, CA





July 17, 2023



Loan Capitalizes Self Storage Facilities in Simi Valley and San Diego Totaling 1,634-Units; Life Co Lender Cross Collateralizes Assets, One Stabilized / One Approaching, at Attractive Fixed Rate

Los Angeles, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $18 million to refinance two branded, Southern California self storage facilities, including a recently constructed facility in Miramar (San Diego), totaling 1,634-rentable-units. The single, cross-collateralized financing retired construction debt for the facility in Miramar, and refinanced a pending maturity for a fully stabilized asset in Simi Valley.

Gantry’s Peter Welsh, Principal, and Bahman Mirhashemi, Senior Director, with the firm’s Los Angeles and Irvine production offices represented the borrower, a private investment sponsor. The 10-year life company loan features an attractive fixed rate with 30-year amortization.

According to Gantry’s Bahman Mirhashemi, “For this pair of self storage facilities, we had two pending loan maturities for assets at different points in their life cycles. Our client, an experienced private self storage operator, was coming in at low leverage with a clear, long term asset management plan for each property. By cross collateralizing the recently completed facility still in the stabilization phase with a fully stabilized asset, we were able to refinance both assets with one of our life company correspondent lenders. Ultimately, we were able to not only pair a committed sponsor with an attractive rate for a legacy hold strategy at both properties, but also generate significant proceeds to repatriate existing investor equity.”

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