AUSTIN, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged refinancing on a six-property, 2,109-unit self-storage portfolio located across the state of Texas. The loan totals $11.5 million. Michael Laurencelle (top right photo), an associate director in MMCC’s Austin office, who has an extensive background in self-storage financing, understood the concerns of the borrowers and identified the right capital source by utilizing the firm’s platform.
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“The challenge was to secure a non-recourse loan without a lock box and cash-sweep management mechanism while securing a 10-year loan with a 30-year amortization schedule at a fixed rate of 5.41,” Laurencelle says.
MMCC’s ability to leverage existing relationships with the lenders in the self-storage sector was the key to completing this transaction.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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