EBS PURCHASES 554-UNIT SELF-STORAGE PROPERTY IN PLANO

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PLANO, TEXAS — Equity Based Services (EBS) has acquired Advantage Self Storage, a 554-unit, 71,435-square-foot self-storage property located at 3900 McDermott Road in Plano. As part of the transaction, EBS assumed the property's debt, which consists of a non-recourse loan through Bank of America that carries a 5.6 percent fixed interest rate with interest-only payments through 2012 and a 30-year amortization thereafter. It also carries a 72 percent loan-to-value-ratio. Angelo Tomasello of Locke Acquisition Group arranged the transaction. With this most recent purchased, EBS has 64 self-storage facilities in its portfolio and expects to double that number over the next year.

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