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TCF National Bank Closes $10MM Revolver for Global Self Storage

January 02, 2019, 07:00 AM
Filed Under: Real Estate

Global Self Storage, Inc., a real estate investment trust (REIT) that owns and operates self storage properties, has entered into a revolving credit facility with TCF National Bank for a principal amount of up to $10 million. The revolving credit facility has a three-year maturity and is secured by the Company’s Millbrook, NY, Lima, OH, Fishers, IN, and Clinton, CT properties.

Under the terms of the revolving credit facility loan documents, the facility bears interest on withdrawn funds at a rate equal to one-month LIBOR plus 3.00%. The Company intends to use the revolving credit facility for the acquisition of additional self storage properties and potential expansions at the Secured Properties.

“This new credit facility is a major step forward for Global Self Storage,” said President and Chief Executive Officer of the Company, Mark C. Winmill. “For the past two years, we have successfully grown the business organically, primarily through our revenue rate management program and expansion of existing properties. Our focus remains to identify and acquire properties where we believe that our management techniques and innovations can strengthen our portfolio and increase stockholder value. With this credit facility in place, we are now in a position to capitalize on the significantly fragmented self storage industry through additional acquisitions, particularly in our target markets, where we have established a strong track record of driving industry-leading revenue and net operating income growth. We will continue to operate with the same operating and underwriting discipline that has led us to where we are today, with the added benefit of having the financial flexibility to acquire additional properties that can help us grow funds from operations and maintain dividend coverage.”

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