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Featured Deal of the Month: January 2018

Posted: 1/2/2018
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The BSC Group recently arranged a $12.15 million refinance/expansion loan for a self storage property located in Algonquin, IL. Loan proceeds were used to refinance a maturing construction loan, which was arranged several years ago to acquire and build the first phase of the project, as well as provide the financing needed to complete the second phase expansion of the property. The new five-year bank loan features 36 months of interest-only financing, a very low spread of Libor that can that be fixed via a swap mechanism and a recourse “burn down” feature that reduces the developer’s liability as certain development and leasing milestones are met during the term of the loan.

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