Alliant Credit Union closed the refinance of a three-property self-storage portfolio in Evansville, Indiana, and Pine Bluff, Arkansas, in the principal amount of $12.1 million.
Alliant was asked to structure these loans with the ability to earn out additional loan proceeds while the borrower completes property upgrades and increases occupancy. Alliant satisfied this request by closing with an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan.
The properties encompass 1,565 total units, including a mix of standard units, climate-controlled units and outdoor vehicle storage. This opportunity was sourced through Devin Huber of The BSC Group.