Overview: $1,830,000 construction loan to finish conversion of a former warehouse into a self-storage facility located in Leominster, Massachusetts.
Unique Characteristics:
Financing structure provides borrower capital to finish build-out and cover operating shortfalls (including interest) without contributing additional equity.
The property is managed by a third-party management company and is located in a growing suburb of Boston.
The climate-controlled, former industrial building contains 4 stories of storage space and a basement used to park automobiles and other large items.
