Somerset Self Storage, LLC
3129 County Street 
Somerset, Massachusetts

The property, acquired by the client one year ago is a 53,000 s/f building which they are now converting to a 427 unit climate controlled state of the art self storage facility. The property is strategically located at 3129 County St. It will provide a much needed service for both the local and surrounding communities.    

 

 

Nickerson said “We were pleased to have had the opportunity to introduce our client to a lender who provided both a construction loan as well as the permanent financing for this transaction.” The $2.6 million construction loan has a term of 18 months; it then converts to a 10 year, permanent loan. The construction loan is priced over libor and the permanent loan over the Federal Home Loan Bank 5 year rate.

The rate is fixed for five years and the loan has a 25 year amortization.

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