EBS Acquires Desert Country Club Storage in Palm Desert for $6.8 Million
San Diego, CA (PRWEB) May 22, 2008 -- Equity Based Services, Inc. (EBS) closed a $6.8 Million acquisition of the Desert Country Club Storage in Palm Desert, CA today. The Desert Country Club Storage acquisition brings EBS' current Self Storage holdings to 52. This also represents EBS' first acquisition of a property in the State of California. This is the 6th acquisition in the last quarter and pushes the EBS portfolio market value above $210 Million. Desert Country Club Storage has been rebranded American Mini Storage and will be managed by EBS' in-house management company All American Property Management, Inc. (http://ams-storage.com) (AAPMI).
Troy Downing (http://www.equitybasedservices.com/team.htm), EBS (http://www.equitybasedservices.com) Manager and General Partner of EBS' value-add fund, Pilot Equity Value Added Fund (http://www.pilotequity.com) states, "We are finally seeing great opportunities in Self Storage properties in California. Desert Country Club is a Class-A facility in a great area. Excellent build-out, a great local economy, and a thriving wine-storage business make this an excellent addition to our portfolio. We look forward to acquiring more high-quality assets in this market and other strong markets in our home State of California."
Even in a tough lending market EBS was able to command strong financing terms with Bank of America. Bank of America closed a $4.8 Million loan at 300 basis points over LIBOR. The initial interest rate came to 5.45% with up to 3 years of Interest-Only payments.
"Lenders are scrutinizing borrowers to a much higher degree than they used to. This is making it difficult if not impossible for all but the most qualified buyers to close loans like the one we closed with Bank of America." states Downing.
EBS continues to close quality deals in a tenuous real estate landscape. This is largely due to their ability to identify, acquire, manage, and generate value in a time when only the most experienced sponsors with strong track records are able to finance even the most qualified projects.
According to Pitreadie Digest (http://www.pitreadiedigest.com), a subscription-based newsletter targeting commercial real estate finance,
"A well-run property can thrive in a market that is somewhat sketchy in other aspects of the overall economy." Continuing in an article about Wrightwood Capital, a large lender that has a $100M allocated for self-storage this year, Pitreadie Digest goes on to say, "A key consideration for Wrightwood to fund a deal is the sponsor and its proven ability to execute a turnaround strategy that adds value to the property. An example of an experienced hand that recently received financing from Wrightwood is Equity Based Services (EBS), a self-storage owner-operator that's on the hunt for value-add opportunities."
Desert Country Club Storage is located at 39700 Garand Lane in Palm Desert, CA near the corner of Country Club Blvd. and Washington Street. The property consists of 268 non-climate controlled units, 154 climate controlled units, 105 wine storage units, and 2 RV spaces. The facilities consist of 7 buildings, constructed in 2000 and sitting on a 3.2 acre parcel.
Stephen Kaplan (http://www.equitybasedservices.com/team.htm), CEO of Equity Based Services, Inc. states, "The acquisition of Desert Country Club Storage demonstrates Equity Based Services' ability to procure and utilize superior debt financing to enhance already substantial cash flows in a California property. This is a landmark acquisition for EBS as it marks EBS' entry into the California real estate market."
EBS currently has a number of projects under contract and expects to close numerous Self Storage deals in Dallas, Corpus Christi, Austin, San Antonio, Houston, Phoenix, Greenville, Las Vegas, and Nashville all in the next 14-60 days.
About Equity Based Services, Inc.:
EBS is a private real estate company specializing in the opportunistic acquisition and management of self-storage commercial property. EBS currently owns and operates more than 50 Self-Storage properties in 10 states with a market value exceeding $200,000,000. EBS also manages a family of equity funds for institutional and high net worth individual investors. EBS funds invest in both stabilized income producing commercial property and value added, opportunistic commercial real estate. The EBS Income Fund, the EBS Income and Growth Fund II, and the Pilot Equity Value Added Fund all closed in 2007 and represent more than $16,000,000.00 in capital contributions. All portfolio properties are aggressively managed by All American Property Management, Inc., an EBS company, to maximize returns to Investors. For more information, contact Katie Raden at 619-220-6700.
About Pitreadie Digest:
Pitreadie Digest drills down on essential financing news for the busy commercial real estate professional. The newsletter is published twice monthly and available only by subscription at (http://www.pitreadiedigest.com).
This Press Release is for general informational purposes only and does not, in any way, constitute an offering to buy or sell securities.
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