Boutique investment banking firm out to fill self-storage void.To better serve the specialized requirements of owners of self-storage properties throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Capital has recently-formed the AFC Self-Storage Finance Group. Paul Fried, an AFC Realty principal, will serve as President of the new Group which will focus on originating and executing real estate transactions on behalf of the owners and developers of self-storage facilities. "Our experience with self-storage assets, as well as overall expertise in arranging equity, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for these facilities allows us to bring a well-rounded service to the landscape of self-storage financing," Fried points out. "This is a sector largely ignored by investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. and we see this as an opportunity to work with owners to provide more efficient and profitable capital solutions for their activities." The AFC Self-Storage Financing Group is off to an impressive start. Completing one of the industry's most ambitious transactions, the Group has arranged joint venture equity and debt financing for a $94 million portfolio--which includes "take out" financing to acquire some "to-be" built assets on behalf of The Veritas Group. The capital was used to purchase a portfolio of newly-built institutional grade self-storage facilities in Queens, Brooklyn and the Bronx. The portfolio consists of approximately 380,000 square-feet of self-storage space. The senior mortgage financing was originated and placed by Fried with an investment bank. The balance of the 90-plus percent financing came from an institutional equity partner which had not previously invested in the self-storage sector. "These properties don't fit the standard self-storage profile for capital providers used to self-storage assets in suburban locales," Fried points out. "These are large facilities situated in high-density, urban infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. sites. Utilizing our contacts and our client's established track record, we were able to arrange the necessary capital ." |
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