Strategic Storage Trust II, Inc. Announces Amendments to Credit Agreements
January 05, 2017 at 04:24 pm
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On December 29, 2016, Strategic Storage Trust II, Inc. (Company), through certain affiliated entities, entered into a First Amendment to the Credit Agreement in connection with a secured loan in the original amount of $105 million pursuant to the Credit Agreement dated June 1, 2016 with KeyBank, National Association, as administrative agent, for itself and the lenders to the Property Loan Agreement. Prior to the First Amendment to the Property Loan, one of the properties held as collateral under the Property Loan was removed and the Property Loan was reduced to approximately $92.8 million. The First Amendment to the Property Loan extended the maturity date of the Property Loan Agreement from December 31, 2016 to March 31, 2017. The Borrower paid an extension fee in connection with such extension. On December 29, 2016, the Company entered into a First Amendment to the Credit Agreement in connection with an unsecured term loan in the original amount of $30 million pursuant to the Credit Agreement dated June 1, 2016 with KeyBank, as administrative agent, for itself and the lenders to the Subordinate Loan Agreement. During the third and fourth quarters of 2016, the Company made payments totaling $20 million on the Subordinate Loan, reducing the loan amount to $10 million. The First Amendment to the Subordinate Loan extended the maturity date of the Subordinate Loan Agreement from December 31, 2016 to March 31, 2017. The Company paid an extension fee in connection with such extension.
SmartStop Self Storage REIT, Inc. (SmartStop) is a self-managed real estate investment trust (REIT) with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage program. SmartStop owns or manages portfolio of approximately 196 operating properties in 22 states and Canada, comprising approximately 138,100 units and 15.6 million rentable square feet. SmartStop and its affiliates own or manage approximately 34 operating self-storage properties in Canada, which total approximately 29,700 units and 3.0 million rentable square feet. Its segments include self-storage operations and Managed REIT Platform business. It focuses on investing in self-storage facilities and related self-storage real estate investments that are expected to support sustainable stockholder distributions over the long term.
SMARTSTOP SELF STORAGE REIT, INC. 
