U-haul Self-Storage Portfolio

Transaction Overview
Transaction type: Private placement / Financing
Total Transaction Size: $86 Million

Transaction Background
A senior officer of the U-Haul organization turned to CBA and long time business associate Stanley Cheslock to refinance the company's self-storage portfolio in order to buy out certain family shareholders.

Transaction Summary
Within 7 days of being introduced to the portfolio, CBA structured and funded $86,000,000 in first mortgage financing secured by 79 U-Haul Self-Storage properties located in 23 states and Ontario, Canada. CBA's understanding of the synergy between U-Haul's truck rental and self-storage operations resulted in the borrower receiving more loan proceeds and a lower cost of funds than was offered by competing lenders.

CBA's willingness to underwrite U-Haul's Canadian properties using the same criteria as used for their U.S. assets, enabled the borrower to generate the maximum loan proceeds available from their self-storage portfolio. The refinancing satisfied the borrower's loan proceeds requirement and was completed at a cost to the borrower significantly below prevailing market rates.