9.30.16: Dennis Suh: Report from the SSA Trade Show

Dennis Suh, Vice President of Originations at ValueXpress, recently represented ValueXpress at the Self-Storage Association’s (SSA) 2016 Fall Conference & Trade Show in Las Vegas, Nevada. “The SSA trade show was a huge success, with over 2,000 self-storage professionals in attendance,” commented Suh. Attendees included owners, operators, vendors and a host of related commercial real estate professionals.

The self-storage industry is growing rapidly as demand for self-storage facilities is exceeding supply, evidenced by increasing occupancies. In 2011, the nationwide occupancy rate for self-storage facilities was roughly 82%, while at this point in 2016, the occupancy rate exceeds 90%.

“Americans tend to accumulate “a lot of stuff,’ and they need somewhere to put it,” noted Suh. “Rents at self-storage facilities are cheap, and with the rapid industry growth, a facility is likely to be conveniently located nearby.”

Self-storage is a hot product right now, even attracting significant capital from Real Estate Investment Trusts (REITs). REIT Sovern Self-Storage announced its $1.3-billion acquisition of LifeStorage early this year, and Toronto-based Brookfield Asset Management announced in January that it was acquiring an $830-million stake in Orlando-based Simply Self Storage.

“While it’s great that the big boys are investing in self-storage, my goal is to assist the middle-market, local owners grow their self-storage portfolios utilizing the CMBS conduit loan market,” explained Suh. “My meetings with these owners focused on a growth plan utilizing unrestricted cash-out loan proceeds from a CMBS conduit loan as equity for a construction loan to build a new self-storage facility or a down-payment to buy an additional facility. Furthermore, I have access to construction funds to provide a complete solution for the development of new self-storage facilities,” said Suh. For additional information, contact Dennis via email at dsuh@valuexpress.com or call him at 212-883-6487.

 

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This entry was posted in Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , . Bookmark the permalink.

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