2003 Transactions
Tremont Arranges $3,500,000
Financing for American Self Storage
The Chicago office of Tremont Realty Capital arranged financing
for the refinance of American Self Storage, an 80,000 square
foot self-storage facility located in Novi, Michigan.
Tom Lorenzini, a Managing Director with Tremont,
arranged the $3,500,000 loan, which was funded through an
insurance company. The 10-year, non-recourse loan provided
for approximately 75% loan to value with a 6% interest rate.
The property was 85% occupied at the time of closing. Amenities
include 24 hour secured gate access and on-site management.
According to Lorenzini, "This was a classic situation
of a borrower taking advantage of today's historically low
interest rates while being able to re-coup equity at the
same time."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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