Alton Self Storage
The transaction includes a $21,000,000 ($135/unit) non-recourse, first mortgage loan secured by a 159,196 square foot, self-storage facility, known as Alton Self Storage, located in Irvine, CA, which is part of the greater Anaheim-Santa Ana-Irvine metro, located within the Irvine Business Complex. Built in 1992 and renovated in 2016, the property comprises of one, three-story building spread on 2.70 acres of land. The first floor of the Subject consists of 344 traditional units (21.5%) while the second and third floor contain 1,220 climate-controlled units (78.5%). The sponsor will be using the proceeds to refinance the existing debt. The loan is structured with a 10-year full interest only term.