We are excited to share the details of RRA Capital’s recent closing, a mid-construction refinance of a self-storage conversion in Indianapolis, IN.
• Built in 1938, the Property had numerous previous uses and was most recently a correctional facility.
• The sponsor plans to use RRA’s follow-on funding to complete the conversion into a nearly 700-unit, fully climate-controlled, self-storage facility.
• RRA financed a $8MM non-recourse, interest-only loan, with two extension options. The loan provided funding at close for work that had already been completed, in addition to a follow-on facility to complete the remaining improvements. RRA’s loan included an interest reserve to supplement cash flow prior to stabilization.
• Special recognition goes out Matt Weilgus of Mag Mile Capital for arranging this transaction!