Search
 

Self-Storage Trust Secures $30.5M GMAC Loan

NEW YORK CITY-Sovran Self Storage, a Buffalo-based REIT, has closed on $30.5 million in permanent fixed-rate financing secured by 11 self-storage properties located in six states.

By Glen Thompson | Updated on February 22, 2002

NEW YORK CITY-Buffalo-based REIT Sovran Self Storage Inc. has secured $30.5 million in permanent fixed-rate financing from GMAC Commercial Mortgage Corp. The loan is secured by 11 self-storage properties located in Texas, New York, Ohio, Michigan, Florida and Massachusetts.

GMAC vice president David Fishler of the New York retail loan origination office arranged the loan through CII, a GMAC company. Mercury Partners, a Connecticut-based merchant bank, represented Sovran in arranging the financing, which carries a 30-year amortization.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.