ValueXpress Obtains $1.5-Million Commitment for the Refinance of a Self-Storage Property in a Northern Cincinnati, OH Suburb

ValueXpress obtained a $1.5-million first-mortgage loan commitment from a Midwest commercial bank for the refinance of a self-storage facility in Butler County, a northern Cincinnati, OH suburb. The commitment is subject to receipt of an SBA 7(a) guarantee.

Built in 1997, the 24,715-square-foot, one-story facility contains 164 storage units encompassing 20,890 square feet of gross building area and a free-standing office building with 3,825 square feet of gross building area.  The 8 buildings are constructed of concrete block and steel walls, concrete slab foundation and metal roofing.  Each unit has an exterior metal roll-up door.

“This is our first SBA 7(a) loan for a self-storage project,” commented Gary Unkel, a senior loan originator for ValueXpress who handled the transaction.  “SBA loan guidelines were changed in 2010 to allow self-storage/mini storage or mini warehouse businesses as an eligible business type.  The property must be owner-operated to qualify,” said Unkel.

This entry was posted in News & Recent Closings, SBA, SBA 7(a), Valuexpress and tagged , . Bookmark the permalink.

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