|GROSS LOAN AMOUNT||$2,300,000|
|LOAN TO VALUE||57.2%|
$2,300,000 FOR THE REFINANCE
OF A SELF-STORAGE & OFFICE BUILDING IN MONTEBELLO, CA
The Subject Properties are a 440-unit self-storage facility and an adjacent 7,221 RSF office building that are 93% and 63% leased, respectively. Although all payments were current, the borrower’s existing financing had come due placing the borrower in “term” default and at risk of foreclosure. At the time of close, the two Properties generated a combined annual NOI of $356,150 resulting in a debt coverage ratio of 1.44.