G.S. Wilcox & Co. of Morristown recently completed $10.2 million in financing for a prestabilized self-storage facility in Connecticut.
The financing was secured by Gretchen Wilcox, president, and Albert Raymond, principal, with a 13-year term and 5 years interest-only, followed by a 30-year amortization. The lender also provided flexible prepayment. The financing was provided by a life insurance company for the Hampshire Cos. G.S. Wilcox & Co. also originated the construction loan for this property in 2020.
The site is located along Interstate 95 South within a highly trafficked shopping center. The facility, managed by a national self-storage firm, features 785 climate-controlled units and 24/7 security.
The location has numerous demand drivers including several higher education facilities and a Navy submarine base.
“It was a pleasure to work with the Hampshire Cos. on both the construction and long-term refinancing of this excellent property. The lender, a new relationship, was able to provide exceptional financing prior to the property achieving stabilization thanks to their wealth of experience with this product type,” Wilcox said in a prepared statement.