February 05, 2020
Aries Capital is pleased to announce that Vice President and National Originator Brandon Perdeck from the firm’s Miami office has closed a $3.15 million, non-recourse, CMBS permanent loan for the refinance of two self-storage facilities in Florida. Woodbine Storage is located at 5515 Woodbine Road in Pace, Florida and EZ-IN Storage is at 633 South Tyndall Parkway in Panama City, Florida. The exterior, garden-style facilities have a combined total of 447 units.
The California borrower used the new 10-year fixed rate loan with 30-year amortization and 70% loan-to-value ratio to refinance an existing, higher-rate SBA loan. The new CMBS financing allowed the sponsor to refinance into a much more attractively priced loan, remove recourse and take cash out.
“The borrower’s original SBA loan served its purpose for acquisition and development, but once the properties were stabilized, it made sense for him to take advantage of the low interest rate environment, pull out some equity and remove personal recourse,” said Perdeck. “The borrower will save a significant amount in interest rate payments over the next 10 years and plans to use his return of equity for new deals as opportunities arise.”
“We would like to acknowledge the exceptional service that we received during the entire refinancing process of our Florida Self Storage Portfolio. Brandon’s professionalism, banker relationships and knowledge of the industry were impressive, beneficial and truly appreciated,” said the borrower, Steven Doulames, owner of Rockport Self Storage. “They went above and beyond to ensure that the flow of information and documents was handled thoroughly and expeditiously. We have and will continue to recommend Aries Capital in the future.”
Perdeck met the borrower at the 2019 Fall SSA conference.