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Phoenix & Southwest  + Southwest  + Retail  |  June 30, 2021
Lisa Brown
By: Lisa Brown

KeyBank Secures CMBS Financing for Self-Storage Facilities

KeyBank Real Estate Capital (KBREC) secured $25.3 million in fixed-rate CMBS financing for three entities controlled by Southern California’s SP Management Holdings. The loan was used to refinance self-storage facilities in Phoenix and Las Vegas.

The financing was used to retire construction debt and return capital to the sponsor. The loans were structured with 10-year terms and 30-year amortization schedules.

John Loshbaugh of KBREC’s commercial mortgage group and Brooks Benjamin of KBREC’s income property group provided the financing.

The three Dollar Self Storage properties contain more than 287,000 square feet with 2,332 traditional and climate-controlled units, and recently reached stabilization.

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Key Bank Real Estate Capital

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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