California firm buys 82% occupied self storage facility with 671 units, 71,671 sq.ft. of storage. Transaction closed nearly two months ahead of schedule and was financed with a new CMBS loan that funded 40 days after application.
Dallas, TX (PRWEB) December 22, 2011
The seven-year-old facility is located at 8110 South Cockrell Hill Road. Assured will be rebranded AC Self Storage Dallas.
AC Self Storage closed the transaction in less than 60 days from receipt of due diligence materials and nearly two months ahead of the contract closing date. AC Self Storage also closed a new CMBS loan with Wells Fargo Bank N.A. that was funded 40 days after the loan application was submitted.
“It has been a real pleasure to work with Wells Fargo on this transaction,” said Troy Downing, CEO of AC Self Storage Solutions. “Everyone on the lender’s team was professional, thorough, and responsive, allowing us to complete the purchase well ahead of schedule and well before our financing contingency period expired.”
“We were pleased to help AC Self Storage Solutions succeed financially and we look forward to growing a long-standing relationship with them,” said Christina Langrall, Assistant Vice President and Commercial Mortgage Underwriter, Wells Fargo Bank N.A.
According to Downing, terms of the loan were as follows:
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65% Loan to Value
- 5.9% Interest Rate
- 10 Year Term
- 30 Year Amortization
- Non-Recourse
Saul Hoppenstein and James Elmore in the Boca Raton office of Berkadia brokered the loan with Wells Fargo Bank N.A. “I have worked with Saul and Jim for many years and they have always done an exemplary job,” said Downing.
AC Self Storage has contracted with Westport Properties to manage the facility. Westport is the property manager for the entire AC Self Storage portfolio.
“This has been a very smooth, expedited transaction because of the joint cooperation and diligence of professionals on the seller’s side, buyer’s side and the lender’s who were personally committed to the success of this deal,” said Craig Morris, president, of AC Self Storage Solutions, LLC. (http://www.acselfstorage.com)
About AC Self Storage Solutions, LLC
AC Self Storage Solutions, LLC of Newport Beach, CA. is an owner/operator of self storage commercial real estate. AC Self Storage is focused primarily on acquiring stable, cash flowing, self storage facilities mainly in the Sunbelt and select areas of the U.S. that exhibit strong local demographics needed for successful income-producing self storage operations. AC Self Storage Solutions is a joint venture between Axxcess Capital Ventures, LLC of Newport Beach, CA and Specialized Storage Management Holdings, LLC. The team at AC Self Storage is made up of professionals from diverse backgrounds in self storage, commercial real estate, asset management, investment banking, technology, and finance.
About Wells Fargo
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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Chris Barnett
415-921-5092
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