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July 14, 2015
Closed Sales

Midway Self Storage – Lakeside, Arizona

Our client was a repeat customer who had been involved in deals that our team had bought and sold before. The client was interested in liquidating the asset and redeploying capital into other projects. The facility was located in a tertiary market and was not visible from the main highway running through the town. The largest regional bank was also uninterested in lending on the asset, meaning that a potential buyer would have to find financing through another venue.

We began by filtering through our database, which has notes from every meeting and phone conversation with each prospective client we come in contact with. This database put us back in contact with a few potential buyers and we identified a client who was selling out of Texas and moving back to their home state of Arizona. Our team successfully pitched this asset as a replacement property and was able to pair the buyer with an Arizona-based lender who specialized in USDA rural development loans. This loan was government guaranteed and gave the buyer a 20:80 LTV, giving him favorable leverage. When the due diligence period began, our team employed our thorough transaction management process and was able to provide all the documents to both parties immediately.

Although there were some administrative delays with the USDA loan, there were none stemming from the transacting parties. Our client was happy with the price achieved and was able to move into new projects faster than he had anticipated. The buyer was happy with their new asset and favorable financing.