|DATE OF FUNDING||5/8/14|
|GROSS LOAN AMOUNT||$3,358,317|
|LOAN TO VALUE||45%|
|NET NOTE RATE||7.50%|
|TERM OF INVESTMENT||18 Months|
$1,130,000 FOR THE ACQUISITION AND IMPROVEMENTS TO COMPLETE AND ADAPTIVE REUSE OF A FORMER K-MART TO A INSTITUTIONAL QUALITY SELF STORAGE FACILITY AND RETAIL SPACE IN THE CITY OF COLUMBUS, OH.
An adaptive conversion of a former 120,710sf K-Mart into 88,000sf of Class “A” quality climate controlled self-storage with the remainder as commercial & retail space. The self-storage “super center” offers numerous onsite profit centers, including; RV & boat storage, commercial & retail self-storage, store front retail, business center and overnight shipping, truck rentals and moving supplies all housed within a storm proof environment. Acquired for $1,050,000 with an “As Is” appraised value of $2,900,000. Funding includes the buyer’s contributed capital of $1,760,000. The large parking area will accommodate up to 2 additional building pads which can be built out along the retail frontage. The site is strategically located across from a soon to be built $400 million casino and hotel. There are $8 million in new road improvements to support the casino and another $80 million for interstate 270 improvements. There is significant market demand for quality self-storage facilities. There is virtually no climate-controlled storage in the subject’s market area. Pricing climate-controlled storage at rates comparable to non-climate-controlled storage will enable the subject property to be the market leader in terms of occupancy and rents.