Featured Deal of the Month: April 2018

Posted: 2/14/2018
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The BSC Group recently arranged an $6.63 million construction/mini-perm loan for a Kentucky-based self storage developer. The 80% loan to cost (LTC) financing package will be used to construct a multi story, state-of-the-art self storage facility in suburban Louisville, Kentucky. The highly structured construction financing package included 48 months of interest-only financing, followed by a 36-month mini perm option amortizing on a 25-year schedule. Other features of this loan include a recourse "burn off" as completion and leasing hurdles are obtained, as well as a very attractive floating rate of 275 basis points (bps) over LIBOR during construction, which decreases by 25 bps once the certificate of occupancy is obtained and the property opens for business.

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