Extra Space Storage Bridge Loan Program

As a leader in our space, it makes sense that they [Extra Space Storage] are now leading yet again in trying to provide a fuller suite of services to their third-party management clients by adding a bridge loan program. After we did an exhaustive and extensive search for debt last year when the debt markets had dried up after Covid, we realized that the best program to suite our needs was actually right in our backyard with our good friends at Extra Space! Importantly, they provided financing to us before it was completely clear that self-storage was going to perform as well as it has during and after the Covid-19 pandemic. They showed their loyalty and trust and commitment to Merit Hill Capital and delivered as terrific partners to us yet again and provided the best terms we could find during that time period on some of our more transition assets that had a larger value add component than most of our deals. The Extra Space debt team have been terrific extensions of our overall deal team in many ways and have helped close over $90mm of loan volume to date in an extremely responsive, knowledgeable, and organized manner. We have thoroughly enjoyed working with their team and are excited to continue to grow and build upon the over decades-long partnership!!

My experience with ESS has been beyond excellent since day one! My first interaction with ESS was with the management team when my company was seeking a third-party manager with national name recognition. Of course, ESS was a top choice to consider, but, once engaged, quickly exceeded all of our expectations. Now, with the ESS bridge loan platform, I have significantly deepened our relationship and am glad to have done so. Our first funding transaction with the ESS finance team was smooth, clean and straightforward. We had no surprises and had a simple ease of execution. As an owner, one of the most important aspects to a transaction is closing with a lender who honors their commitments and keeps costs and timelines within budget. We received all of this with ESS. We look forward to the next one!

The Extra Space Bridge Loan program has been an attractive tool in the way that we finance acquisitions and construction projects. It has helped our company to responsibly grow our self-storage portfolio. The construction loan takeout at certificate of occupancy and nonrecourse aspects of the program are especially attractive to our partners and our construction lenders. We look forward to doing many more loans with Extra Space!