Press Release (ePRNews.com) - NEW YORK - Jun 14, 2017 - Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $3.5MM non-recourse, commercial mortgage for the refinance of a 465 unit, self storage facility located in St. Clair, MI. The non recourse, commercial mortgage had a 10 year fixed term, 30 year amortization period, 75% loan-to-value, with no personal guarantees. Cash out proceeds are to be utilized for the expansion of the facility and new investment opportunities.
The self-storage industry has evolved over time to include architecturally dynamic facilities with
state of the art management and security systems. Self-storage properties are a cross between an
industrial use and a retail use. They are managed as a retail operation and can appeal to either residential or commercial users, or a combination of both. The trade area for self-storage properties is relatively small, often one to two miles. Self-storage properties offer a wide range of specialty services and are managed by professionals who are skilled in terms of customer service, marketing, and sales.
According to senior underwriter at Trinity Street Capital Partners, “many local and regional banks are often uncomfortable with offering a 75% LTV (loan-to-value) on a self storage asset and prefer to lend in the range of 50-65% of value. In addition, many banks prefer to lend on a full recourse basis, particularly in small markets.” One of TSCP’s specialties, includes commercial mortgages in small markets, where larger institutional lenders are not able to offer non-recourse loans or often any type of loan.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate debt and preferred equity, with investments starting at $3MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties located throughout the United States. (www.trinitystreetcp.com)
The Firm is a leader in providing debt and equity for wide range of commercial and multifamily real estate transactions.
Trinity Street Capital Partners, is wholly owned subsidiary of Trinity Street Holdings, a financial services conglomerate. (www.trinitystreetholdings.com)
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com. Source :
Trinity Street Capital Partners