1st American Storage Successful in Refinancing Fort Worth Northwest Self-Storage Loan
March 20, 2012
1st American Storage, a division of American Spectrum Realty Management, LLC (“ASRM”), was successful in refinancing the loan for Fort Worth Northwest Self-Storage.
Fort Worth Northwest is a 69,275 square foot, 563 unit facility, located on Ephraim Avenue and operates under ASRM’s 1st American Storage brand. When ASRM began managing the property in January of 2010, occupancy was severely low and the loan was fast approaching maturity. ASRM was able to negotiate a one year extension with the lender in an attempt to refinance the loan.
Through 1st American Storage’s cost-efficient branding, aggressive marketing strategies, and streamlined operations, Fort Worth Northwest was able to significantly increase occupancy by 29 percent, grow revenue, decrease expenses and therefore, increase NOI. These efforts increased the appraised value of the property and allowed ASRM to successfully negotiate a new loan with C III Commercial Mortgage. The transaction closed on Thursday, March 8, 2012 and reduced the property’s interest rate by nearly 50 basis points.
ASRM provides creative solutions to outperform the market and grow the value of each asset under management. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. ASRM offers a turn-key approach that is committed to maximizing financial performance.