Greystone Furnishes $14M CMBS on Torrance Self-Storage
Greystone has provided a $14,000,000 CMBS loan to refinance an 801-unit self-storage property, SOS Storage Center, in Torrance. The financing was originated by Anthony Cristi, managing director at Greystone.
The first mortgage, provided at 59.6% loan-to-value, includes a 10-year term with interest-only payments.
The property was originally constructed in 1992 as an office property. The sponsor converted it to a self-storage facility in 2008. It includes 801 self-storage units made up of predominantly standard and climate-controlled units, and also features vault storage and wine storage units, across a total of 79,515 square feet.
“The L.A. market is prime for self-storage investment, and premier operators such as SOS Storage Center have built a reputation as a high-quality, in-demand service provider to this area,” said Cristi.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).