PRUDENTIAL MORTGAGE PROVIDES $131.7M LOAN FOR SELF-STORAGE PORTFOLIO

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CHICAGO — Prudential Mortgage Capital Co. has provided a $131.7 million loan to refinance 18 self-storage properties for Chicago-based Lock Up/Evergreen Storage LLC. The properties, which include 13,422 units totaling 1.15 million net rentable square feet, are located in Chicago, Minneapolis, Florida, New Jersey, Hawaii and Massachusetts. Several of the properties are Class A buildings, featuring modern construction and are located in predominantly dense, high-income urban locations. The properties are collectively 86.5 percent occupied. The $131.7 million loan is structured in two parts, a $20 million, seven-year, floating-rate tranche, and a $111.7 million, 10-year, fixed-rate tranche.

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