Greysteel Secures Acquisition Financing in Texas

The company worked on behalf of the borrower to finance the acquisition of a 480-unit self-storage facility located in Garland, Texas, roughly 15 miles from downtown Dallas.
Storage House of Texas

Greysteel has arranged a three-year loan for the acquisition of Storage House Texas, a self-storage facility in Garland, Texas. The company secured the financing on behalf of the borrower.

Located at 3402 Bobtown Road, the facility is alongside Interstate 30, approximately 15 miles from downtown Dallas. Around 213,000 people live within a five-mile radius, with an average income of roughly $53,000. Garland also hosts many national food processing and distribution companies, including Kraft Foods, the US Food Service and Atlas Copco, a Swedish industrial equipment company. The facility was constructed in two phases, in 1996 and 2001, and comprises 480 storage units ranging in size from 25 to 300 square feet. The asset is fenced and lighted and features climate control and surveillance cameras.

“This was a value-add investment providing the borrower an opportunity to increase occupancy by implementing a professional third-party management group,” said Daniel Hartnett, senior finance associate of Greysteel, in prepared remarks.

Image courtesy of Greysteel