Dallas, Texas and Las Vegas, Nevada
On behalf of its client, Llenrock Group secured a total of $5.4 million in CMBS financing for two state-of-the-art self-storage facilities in the Southwestern United States. The two Freedom Storage locations in Dallas, Texas and Las Vegas, Nevada feature approximately 140,000 SF of combined rentable storage space and have both benefited from recent upgrades to optimize their profitability. The facilities are located in two of the region’s most vital population centers and in close proximity to a variety of institutional, commercial, and residential centers. Thanks to their optimal locations and strong markets, both Freedom Storage facilities enjoy full occupancies and were implementing rent-increase programs at the time of the transaction. Llenrock Group sourced the properties’ financing from a major international bank.
“Thanks to the quality and performance of these properties, we were able to secure ten-year CMBS financing at 4.5% with the first two years requiring interest only,” comments Llenrock Group Director Tim Deegan. “In addition to these attractive terms, we were able to exceed our client’s capital expectations, securing more financing than anticipated without overleveraging the deal.”