CHICAGO — The BSC Group has arranged a total debt recapitalization, helping Florida-based iStorage replace existing loans with a new $50 million revolving credit facility. This transaction included a portfolio of 19 self-storage properties located in Ohio, Florida, New Jersey, Virginia, Georgia, Nevada and California. The new credit facility provides the borrower with additional capital to be used for general working capital purposes, as well as the future expansion of the business. The three-year loan was funded by a national bank and featured a variable rate of 2.25 percent over LIBOR with no amortization requirements and open pre-payment. The BSC Group is a Chicago-based commercial real estate financing advisor and self-storage specialist.
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