Property
Property Features
: Self Storage
: Interim Construction Loan, Term Loan, 80% LTV
Property Description
Interim Construction loan and term loan for a new self storage facility in League City, Texas. The facility has 653 units that are comprised of 551 climate controlled units and 102 non-climate controlled units. The facility also includes a 1200 square foot office and a 1200 square foot apartment. The total square footage is approximately 93,000 square feet with 77,750 that is rentable. We provided $4.7 million for the construction of this property. The initial loan was an 18 month interest only loan and it then converted into a 5 year fixed rate with a 20 year amortization.
Genesis Funding Source, LLC is a leading provider of commercial loans in Houston Texas, commercial loans in Dallas Texas, and commercial loans in Austin Texas. We specialize in loans secured by office buildings, multifamily, self storage, retail, shopping centers, church buildings, and land.
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