JLL Closes the Financing of Strand Storage Center in Myrtle Beach, South Carolina
JLL Capital Markets Group is pleased to announce that the Real Estate Investment Banking team (“REIB”) represented Strand Storage Center in the refinancing of its Myrtle Beach storage facility. The REIB team worked with the owner to source a new permanent loan to refinance maturing debt. The 10 year non-recourse loan included 75% leverage with 3 years of interest only followed by 30 year amortization. Other notable financing terms include no cash management system, multiple assumption provisions, and funding to an 8% debt yield. The financing closed June 30, 2015 and the loan amount has not been disclosed.
Located at 870 Frontage Road in Myrtle Beach, the property consists of approximately 948 units encompassing 137,247 rentable square feet. The Class A facility delivered in multiple phases is fully stabilized and benefits from its location along the frontage road of U.S. Highway 17 near the intersection of U.S. Highway 501. The facility provides amenities such as a customer service office and store, modern security system, and secured gates with control keypads.
Vice President Griffin Guthneck led the Jones Lang LaSalle REIB team in this transaction.
JLL (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2014 global revenue of $4.7 billion, Jones Lang LaSalle serves clients in 80 countries from more than 1,000 locations worldwide, including 230 corporate offices. All 58,000 people employed by JLL are committed to helping clients understand and navigate the intricacies of commercial real estate. For further information, please visitwww.jll.com