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125,000 sf of self-storage trades in Humble, Beaumont125,000 sf of self-storage trades in Humble, Beaumonthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107832015-10-09T05:00:00Z​​​​LONGVIEW – ​Deason Financial Group LLC of Longview arranged acquisition financing for two separate self-storage facility purchases totaling just shy of 125,000 sf.

The first was for Via Bayou Inc.'s purchase of the 42,475-sf Affordable Self Storage at 8569 E. North Belt Dr. in Humble. Expansion financing was also provided.

Two separate loans were arranged:
  • Acquisition loan of $2.5 million at 75 percent LTV with a five-year term and 25-year amortization.
  • Construction and min-perm financing of the expansion at $2 million at interest-only for 24 months, converting to principal and interest payments for months 25–36.
Sixty-eight percent of the ten-year-old facility is climate-controlled. The expansion will add 70,000 sf.

Meanwhile, in Beaumont, AA Storage Beaumont Ltd. purchased the 82,390-sf AA Climate Control Storage at 9040 SH 105. Built in 2010, the facility has 632 self-storage units, 83 percent of which are climate-controlled.

Financing of $4.5 million was obtained at 75 percent LTV with a ten-year term, 30-year amortization and three years interest only.​
Deason Financial Group LLC
Houston-The Woodlands-Sugar Land
Retail
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