Summary: The Madison
Group (TMG), a leading national lending source for Self Storage and RV Park
lending, arranged the combined $11,900,000 construction financing for a Self Storage and RV Park in Layton UT.
This unique property located in Layton UT near Hill Air
Force Base is situated on 22.5 acres of land and will consist of 116 RV pads
along with 5 nightly rent cabins supported by amenities such as a clubhouse,
pool, dog park, and pickleball courts.
The property will also consist of 762
self storage units.
The loan request came to TMG from a well known developer in
Northern Utah and needed creative financing to fit the needs of the two
distinct but functional asset types. As
a ground up construction project, the borrower was looking to take advantage of
current market rates for a long build with some permanent component. TMG brought the lender that was able to lock
and fix the rate thus eliminating the construction interest rate risk, provide
a structure and the funds necessary to get the project built. The team at TMG worked
through numerous complexities with these distinctive asset types and helped the
borrower meet his goals on the transaction.
Property: 762 unit
self storage facility; 121 site RV Park
Loan Amount: $11,900,000
Interest Rate: 3.75%
- Fixed during construction
Term: 5 years; 36
months construction and I/O followed by 24 months P&I payments upon
Amortization: 20 Years