Pumping The Breaks Lenders Cautious On Financing New Storage Development

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During the past two years, self-storage has enjoyed the attention of investors and developers as the industry has experienced rising occupancies and property valuations. New money has entered the sector for acquisitions, development, expansions, refinancing, and conversions. Self-storage financing during the first half of 2017 can be characterized by relative stability in rates, terms, and access to funds. “Lenders are actively competing for deals. Interest rates remain very favorable, and, overall, the investment and financing climate is good,” reports Shawn Hill, principal of the Chicago-based The BSC Group.

By David Lucas