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Killeen storage business gets $7M refinancing loan
Austin Business Journal - May 5, 2006
Killeen storage building Storage Kings received a $7 million refinancing loan from GMAC Commercial Mortgage Corp.
Damon Reed, vice president of GMAC's Birmingham, Alab. mortgage banking office, arranged the transaction through CIBC Bank.
Storage Kings took the loan out to build 210 storage units totaling 35,455 square feet. Storage Kings now has 22 buildings comprised of 1,249 storage units and a total of 149,540 square feet.
The loan was a fixed-rate refinancing loan.
Horsham, Pa.-based GMAC Commercial Mortgage is a Capmark Financial Group Inc. company. Capmark provides real estate finance, investments and services.
In 2005, Capmark's originations were $29.9 billion. Capmark has a portfolio of about $285 billion.