By Joshua Burd
The Hampshire Cos. has secured $10.2 million in financing for a newly built, 785-unit self-storage facility in Connecticut, in a deal arranged by G.S. Wilcox & Co.
The lender, a life insurance company, provided the debt with a 13-year term and five years of interest only followed by a 30-year amortization, according to a news release. G.S. Wilcox President Gretchen Wilcox and Principal Albert Raymond arranged the financing, noting that the lender also provided a flexible prepayment arrangement.
The news comes three years after the Morristown-based mortgage banking firm originated a construction loan for the property, which sits off Interstate 95 South and within a highly trafficked shopping center. A national self-storage firm manages the climate-controlled facility, which figures to draw from nearby higher education facilities and a 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,” Wilcox said in a prepared statement. “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.”
