Connecticut — G.S. Wilcox & Co. has 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 amortizations. The lender also provided flexible prepayment. The financing was provided by a life insurance company for The Hampshire Companies. G.S. Wilcox & Co. also originated the construction loan for this property in 2020.
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 US Navy Submarine Base.
“It was a pleasure to work with The Hampshire Companies 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.” said Wilcox.
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