Greysteel, a national commercial real estate investment services firm, has arranged the acquisition financing of an Extra Space self-storage property located in Houston, Texas.

Greysteel Senior Finance Associate, Daniel Hartnett from the firm’s Dallas office secured the non-recourse bridge loan on behalf of the borrower, Montfort Capital Partners.

The Extra Space Storage Property is situated at 22300 Highway 249, in Northwest Houston and is conveniently located TX-249 just off TX-249 Access Road and Spring Cypress Plaza Drive, offering easy access to the Property for residents near Louetta, Kohrville, Tomball, Cypress and more.

The Property consists of 463 separate storage units with a variety of options ranging in size from 5x5 up to 10x40 and 20x20 as well as 53 parking spaces. The Property also features on-site management, climate control storage, surveillance cameras, electronic gate access, RV storage, and warehouse space.

“This opportunity was a value-add investment for the borrower,” said Mr. Hartnett. “With the current occupancy sitting at 70%, the borrower plans to invest extensive capital improvements into the facility. By bringing on Extra Space as the new third party property managers, it will help them increase occupancy and stabilize the facility by capitalizing on Extra Space’s advanced technologies and efficiencies.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with 11 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Fort Worth, TX; Washington, D.C.; Philadelphia, PA; Phoenix, AZ; Denver, CO; Baltimore, MD and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com