Portfolio of 50 Self-Storages
January 19, 2016
George Mitsanas, Principal, and Michelle Hsieh, Associate, of Gantry’s Los Angeles office have arranged permanent financing in the amount of $300,000,000 (Canadian) for a portfolio of 50 self-storage facilities. The security includes nearly 37,500 storage units, or 3.65M square feet, located in the Canadian provinces of British Columbia, Alberta, Ontario, and Quebec.
The non-recourse loan fully amortizes over a term of 15 years. Gantry originated the financing on an exclusive basis for the borrower, the leading self-storage owner/operator of Canada, with a US-based life insurance company.
“The sponsor founded one of the world’s most prominent self-storage brands. We are proud to have arranged this complex financing structure. The life company lender we selected is among the best in our nation and their team did a first class job in handling all aspects of the transaction. Gantry has significant self-storage experience with a wide variety of owners and capital sources throughout North America.” – George Mitsanas, Principal of Gantry