Metro Storage LLC, a privately held real estate company specializing in self-storage facilities, has secured a $9 million bridge loan from First American Bank to refinance a previous lender and complete its latest development in Spring Hill, Florida. The project, a state-of-the-art 657-unit self-storage facility, represents a significant investment with total costs of $11.4 million.
First American Bank provided a tailored, four-year floating-rate loan, designed to offer flexibility and meet the company’s goals. The loan features interest-only payments and includes the option for a 12-month extension, along with the ability to convert to a fixed-rate structure. Additionally, limited guarantees were provided, making this financing solution ideal for Metro Storage’s immediate requirements and long-term expansion strategy.
As a frequent client, Metro Storage benefited from the bank's deep understanding of their business needs and the ability to expedite the approval process. This partnership underscores Metro Storage’s commitment to high-quality facility development and expanding its footprint, while strengthening its relationship with First American Bank.
