National Self Storage Company Proves Inter-State Business Can Still Be Conducted During COVID-19 Pandemic
PORT ST. LUCIE, Fla., April 9, 2020 /PRNewswire/ -- Snapbox Self Storage, a Philadelphia based privately held real estate investment and management company, announces the purchase of the American Personal Storage self-storage facility located at 1849 SW South Macedo Blvd, Port St. Lucie, FL. The facility is featured prominently on the Florida Turnpike and provides great awareness for the Snapbox brand.
During a time of uncertainty, Snapbox was able to complete this transaction. Even through constant changes and shifting expectations, Snapbox was able to keep everyone on the same page in order to bring this deal to a close. Jake Ramage is President and CEO of Snapbox and explains how he and his team got the deal done. "We are very grateful to close in these uncertain times, as the CMBS market froze up while we were about to close this deal," says Jake. "However, with the coordination of the broker, the seller, the bank and our investment partner, First Neck Self Storage Fund, Snapbox was able to orchestrate a new game plan to close and to obtain a new financing package within the contract period for closing."
Snapbox's long-standing, good relationship with the bank was critical to approve a new debt package quickly. It turned out they were one of only a handful of loans this national bank approved that week in the entire country.
This acquisition is the company's fourth self-storage facility in Florida and will increase the company's effectiveness of operations and efficiency of cutting-edge marketing efforts in the region. The addition of this location to the Snapbox national real estate portfolio allows them to deliver even higher returns to their investors.
Jake shared, "After we closed, our investment partners contacted us to say we pulled off a miracle."
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SOURCE Snapbox Self Storage
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