Carrollton, TX

$8,000,000

Storage Facility

Refinance

06/30/2020
Transaction by
RRA Capital
RRA Capital, a direct CRE private lending firm based in Arizona, funded a $8MM bridge loan secured by a self-storage facility in Carrollton, Dallas County, TX. The property previously operated as a Kroger grocery store until it was renovated in 2017 into a CubeSmart branded self-storage facility. The facility opened to tenants in March 2018. The occupancy was at 50% and was in need of some renovations. RRA Capital provided a 75% LTV loan with a holdback facility to make necessary capital improvements and allow them time to progress through lease-up. The loan term is 2 years. The property is an 881-unit, Class A self-storage facility located 20 miles north of downtown Dallas. The facility has two floors of fully climate-controlled spaces which are serviced by two elevators. This bridge loan was funded in June 2020.