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Strategic Storage Trust II lands up to C$112M term loan


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Strategic Storage Trust II lands up to C$112M term loan

Strategic Storage Trust II Inc. obtained an up to C$112 million term loan due Oct. 9, 2020.

The nontraded self-storage real estate investment trust, which secured the term loan Oct. 11 through 10 special-purpose entities indirectly owned by its operating partnership, immediately borrowed C$99.3 million. It used the proceeds mainly to pay off all the existing loans encumbering its properties in Greater Toronto.

The term loan also gives the borrower the right to receive future advances of up to C$12.7 million.

In general, the amounts outstanding under the term loan carry interest at a rate equal to the sum of the Canadian Dollar Offered Rate and 2.25%, which can go up by 0.25% in case the borrower exercises its third extension option.

The company noted that it purchased an interest rate cap with a notional amount of $99.3 million, with an effective date of Oct. 11, whereby the CDOR is capped at 3.00% through Oct. 15, 2021.

Citibank NA is the lender.