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Life Company Loan Retires Debt on Long Island Self-Storage
Gantry has secured an $11.5-million permanent loan to retire maturing debt for Central Self-Storage, a Public Storage-managed facility located at 4055 Austin Blvd. in the Nassau County township of Island Park, NY, on Long Island’s South Shore. The 740-unit, three-story, climate-controlled facility is stabilized and performing at the top of its class in its region, according to Gantry.
Principal Robert Slatt and associate Alex Poulos with Gantry’s San Francisco production office represented the borrower, a private real estate investor. The five-year, fixed-rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders.
Slatt said, “Gantry’s exclusive network of insurance company lenders remains steadfastly committed to their self-storage financing programs and target high performance assets like this with their best terms. Our ability to source and close the desired permanent refinance with a correspondent in 45 days from application to funding is a testament to that commitment.”
- ◦Financing
