Capital One Multifamily Finance announced today that it has brokered a $4.3 million loan to refinance Pleasant Grove Self-Storage, an 843-unit facility in Roseville, California, part of the Sacramento MSA. Senior Vice President Damon Reed brokered the transaction. The key principals are experienced investors with more than 25 years of self-storage experience and are longstanding customers of Reed’s.
Reed brokered the deal to a regional bank that offered the sponsors a six-month forward rate lock, enabling them to take advantage of falling interest rates while the prepayment penalty on their existing loan expired. The 10-year fixed-rate loan has an interest rate in the mid-4 percent range and 30-year amortization payable on an actual/360 basis.
Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management. Additional information can be found at www.capitalonemultifamily.com.