Bethesda, Maryland – March 3, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it closed a $3,500,000 loan for Fort Knox Self Storage, a single story, 833-unit, Class B, self-storage facility in Pompano Beach, Florida.
The loan was structured as a five-year term followed by a 30-year amortization schedule. Over the past three years, Walker & Dunlop has financed over $100 million in self-storage transactions, enabling borrowers to customize their deals with creative financing solutions.Paul Ahmed, senior vice president, who led the Walker & Dunlop team stated, “Current industry trends show that self-storage has proven to be a stable and desirable asset class. Self-storage properties have seen an increase in demand and occupancy as the housing market and economy have recovered. Challenges within this property space include basic structures, location, and the ability to vacate at any time.” Mr. Ahmed continued, “While the typical investor is a small business owner, they are using this as entry point into commercial real estate, and the demand for this property class is steadily increasing.”
Fort Knox Self Storage includes 65,893 square feet of net rentable area that was built in 1975 and is located in Broward County, Florida. The property includes state of the art security, onsite U-Haul truck rental, electronic gate access with entry code, and moving and packing supplies. The borrower has owned the property since 2002, and most recently in 2012 went through a management change which has since brought the property to a current occupancy of 87 percent. The property is strategically located just north of McNabb Road with easy access to the Florida Turnpike and Interstate 95.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.