By Jeniece Carter-Henson

When you first started your self-storage business, did you think you'd have to learn about cash-flow analyses, health-care compliance or financial projections? If you didn't, you probably found yourself in murky waters, trying to keep your business afloat as unexpected issues rose to the surface. Even if you did plan for the high volume of administrative tasks that come with operating your own business, you're likely fatigued from doing work that, in another line of business, would be shared between the human-resources (HR) and accounting departments.

As an entrepreneur, you're willing to take risks; but as a business person, you understand that delegating tasks is a sure way to get ahead in the game. From payroll and benefits packages to hiring new employees, administrative tasks can bog down your schedule and slow the growth of your business. Outsourcing key HR functions can get you back on track and improve day-to-day operation in ways you might not have considered. Read on to see how you can optimize your business by taking some of these overwhelming tasks off your plate.

Hiring New Staff, Handling Turnover

Hiring new staff members, training them and dealing with turnover might cost you more than you think. Aside from the actual money and time spent on creating job listings, reviewing resumes, conducting interviews and implementing training, there are other costs that are harder to define. Julie Kantor, president and CEO of consulting firm Twomentor LLC, noted in an article for “The Huffington Post” that a company’s productivity, morale and quality of service are all affected by employee turnover.

Consider this example: The owner of Company X spends an hour writing a job description and another hour posting it to various job boards. He receives a hundred applications and spends several afternoons combing through them and paring down the list. His next week is filled with phone calls, scheduling interviews and conducting a few preliminary chats over the phone. Next, he interviews five people in person, which consumes half a working day.

After he makes a hire, the following steps are equally tedious, time-consuming and costly: setting up payroll, filing tax documents, instating benefits, paying for training hours and fielding questions from other employees. A month later, the employee leaves the company for another opportunity and the process begins again. Not a fun situation.

Now consider this example: The owner of Company Y outsources these tasks to an HR firm. She’s free to manage the business and work on her plans for expansion. Meanwhile, the outsourcing company uses its professional networks to find the perfect candidate for the job; implements the employee into the company’s platforms for payroll, taxes and benefits; and provides first-in-class support to ensure better retention. Which scenario would you prefer?

Payroll Administration and Compliancy

Regulations are always changing when it comes to payroll and tax compliance, with the latest update being the new overtime rule. The Department of Labor recently released updates to overtime regulations, increasing the salary threshold for an employee to receive overtime from $455 to $913 a week. The Economic Policy Institute predicted these changes will affect approximately 12.5 million Americans. This rule is scheduled to go into effect on Dec. 1, but employers need to start preparing for the changes sooner rather than later.

It’s up to business owners to ensure they fully understand the new definitions of overtime and thoroughly research the rules behind the new guidelines. For example, your company may need to change job duties and descriptions for evolving positions, a task that could come with some serious gray areas and room for legal backlash. Those who aren’t prepared may face repercussions. “Fortune” spoke with Richard Alfred, an attorney at law firm Seyfarth Shaw, who predicted lawsuits regarding overtime were going to spike to about 9,000 this year, an 8 percent increase over the actions brought against employers in 2015.

Through integrated technologies and certified payroll teams, HR-outsourcing companies can provide accurate, timely and compliant process. While they stay on top of the ever-changing regulations, you can have peace of mind on your payroll processing and tax administration.

Expanding the Business

As your enterprise becomes more successful and profitable, you'll probably want to expand to other locations. But if you move into another state, your tax situation becomes more complicated.

Nellie Akalp, CEO of incorporation-filing service CorpNet, wrote in an article for “Small Business Trends” that you must file foreign corporation paperwork before you can open a branch in another state. The exact process and qualifications vary, but in general, this amounts to providing detailed information about your company, similar to the articles of incorporation you had to file in your home state. On top of that, you'll likely need to file a Certificate of Good Standing, which states that your business has an active status in that state. These, in turn, may be dependent on the paperwork you file annually at home.

An HR-outsourcing company can do this work for you. That means you'll be free to visit potential new properties, meet with investors, and continue to manage the operation of your current self-storage facilities.

Business-Specific Challenges

While it might be true that many businesses face the same challenges, there’s no one-size-fits-all solution to handling administrative tasks. The advice you find online might be too general, or you might find yourself in a novel situation without the knowhow or resources to react properly.

In essence, it's hard to plan for the unexpected, and it's bad for business to constantly be reacting to problems. So how do you find the middle ground? The simplest solution is to let a team of professionals take care of the unexpected issues for you. When you hire an HR-outsourcing company, you're not getting a one-size-fits-all solution, you're getting a customized service from people familiar with your specific enterprise.

One of the biggest challenges facing small businesses in 2016 is navigating the Affordable Care Act Employer Mandate. The launch of the act in 2014 for large businesses was notoriously problematic, and now that its effects are being felt in the small-business world, there are even more misunderstandings. The cost of not complying with these new regulations is substantial. In fact, the penalty for one qualified employee receiving federally subsidized insurance can be as much as $2,160, according to Cigna. Although you can appeal the fines, the initial damage can be quite severe.

As a self-storage owner, you probably don't have the time to become an expert on health-care laws. That's where HR outsourcing can really save the day. Instead of spending your nights searching government documents for information, let a team of professionals navigate the twists and turns for you.

NOTE: The information contained in this article is not legal advice or a substitute for legal counsel.

Jeniece Carter-Henson is vice president of strategic business development for AlphaStaff, a national human-resources (HR) outsourcing company. Since 2011, she has lead the expansion of the company’s self-storage division, dedicated specifically to entrepreneurs within the industry. With 20-plus years of experience in HR outsourcing and professional employer organizations, as well as 15 years of experience in executive sales leadership, she’s has assisted many facility owners in minimizing legal risk and optimizing their business. For more information, visit www.alphastaff.com.

Bee Safe Storage and Wine Cellar owner Roy E. Carroll II intends to create a property-management firm to handle the day-to-day operation of his growing self-storage business. Based in Greensboro, N.C., Bee Safe currently has three facilities in operation, but has 25 projects in various stages of development stretching from the Washington, D.C., area to Florida and into Texas, according to the source. Carroll believes the company could have 25 new locations by the end of the year and envisions a portfolio of 33 facilities.

Parent company The Carroll Cos. currently contracts with a third-party management firm to run Bee Safe, but Carroll’s new business will include finance and marketing executives along with senior management, he told the source. It will have 30 to 40 employees. “We are really putting gas to our Bee Safe program,” Carroll said. “We are really having to expand our home office to handle the ramp-up.”

Bee Safe facilities typically include climate control and wine storage. In addition to its amenities, Carroll believes the company’s bee logo has resonated with customers and helped to fuel growth. “This is a brand we feel really good about,” Carroll told the source. “The results are very good, and we feel like we’ve got something really exciting with this Bee Safe brand.”

In the region nearest its headquarters, Bee Safe has three facilities under development in the Greensboro market and another in Lexington, S.C. It currently operates two facilities in Greensboro and one in Raleigh, N.C.

Carroll is also founder and CEO of The Carroll Cos., a real estate development firm in business for more than 30 years. The developer has built or has under construction more than 15,000 apartment homes with an asset value of more than $1.4 billion, according to its website. The company has more than $500 million invested in development projects in the Carolinas, Tennessee and Texas.

Kangaroo Self Storage is constructing new units at its facility in Glasgow, Scotland, due to demand for the service in the region. The facility’s existing 588 units will grow to 940.

The company also plans to invest in improvements at its property in Dundee, Scotland, as well as develop new facilities, according to the source. Kangaroo recently obtained a £3.8M loan from HSBC Holdings PLC, a British banking and financial-services firm, to assist in its expansion.

Company officials cited a “difficult property market during the recession” as a catalyst for the growth. "We've seen increased demand across all the sectors, with the number of householders moving back home to live with their parents, businesses taking advantage of the flexibility of our storage space in uncertain times, and students increasingly using storage rooms over the summer holidays,” said Chris Stevens, managing director.

Base in in Haddington, Scotland, Kangaroo Self Storage operates two properties in Dundee and Glasgow.

By Robert James Oliver

When comparing the self-storage industry in Europe to that of the United States, it’s kind of like the movie “Back to the Future”—their industry now is like ours was back in the 1980s. That said, many may be wondering if there’s opportunity there for the U.S. investor. Is Europe the next frontier?

The accompanying table shows statistics from a 2015 industry report by the Federation of European Self Storage Associations (FEDESSA). Post the British exit (Brexit), there were 422 million people in the European Union (EU) vs. 321 million in the U.S. Now look at the more telling number of storage units per million of population and the answer is clear. I've left out several EU countries for the sake of brevity, but the average in post-Brexit Europe is 3.7 vs. 163 in the U.S.

Is there enough demand for self-storage in Europe? I asked Ron Gerow, a native of Upstate New York and a partner in Easy Stockage in Nantes, France. “I‘ve been an owner of Easy Stockage for 10-plus years and see expansion possibilities everywhere on the continent,” he says. “Interest rates are attractive, lease-up and sales curves are slower; but the up and down swings are less and the risk is lower. As well, the economy in Europe isn’t as bad as they say. There are lots of real estate projects out there, and self-storage works."

With low interest rates and a strong dollar relative to the Euro, the storage investment climate is good. “You may pay less than 1 percent if you’re on a variable rate, and less than 2 percent if you have a 20-year loan,” says Gerow’s partner, Jean-Michel Bouché, who’s based in France. “Basically, money has become almost free. Why wouldn't American investors feel very welcome? Plus the Euro/dollar is at an attractive rate, so for the U.S. investor, it’s like getting in at the bottom.”

From a demographics perspective, there are the common demand drivers:

• Amazon, eBay and other large online retailers are expanding their presence in Europe, and the populace consumes more and more.
• College students are the same everywhere, looking for places to put their stuff between semesters.
• European cities and villages house old buildings with cramped retail space, sending small businesses scrambling to find storage for their wares.
• As anywhere else, divorce is as big a driver of storage rentals in Europe. One gentleman I spoke said he rented a storage space in Germany following his divorce and hasn't been to see it in more than 10 years. He just keeps paying the monthly rent!

Advice for Investors

Investors interested in self-storage in Europe should seek to work with a company that has a good track record and U.S. partners or senior managers, if possible, Gerow says. He also suggests they hire a competent international real estate adviser to guide them through the legal, language, tax and bureaucratic issues.

Taxes are a common concern when it comes to investing abroad. For insight to this, I went to Alexis Martin, attorney, partner and head of the tax department at international accounting firm Grant Thornton in Paris. He says the three main forms of tax in Europe are the value-added tax, which is similar to U.S. sales tax; corporate income tax; and local business taxes that would be paid by the company or subsidiary company if an investor decided to open an official corporate presence in Europe. But what about the individual investor who buys a share of an existing company?

"Taxes are normally levied on dividends [withholding tax], paid to non-residents by French companies at a rate of 30 percent,” Martin says. “The rate could be reduced to zero under certain conditions for dividends paid to U.S. residents. In addition, a 3 percent charge is also applied on dividends payments."

How about offshore tax funds to shelter investments? This is an area that’s under scrutiny and should be approached only with the counsel of a highly trained, qualified professional. Wilton McDonald II, head of AFA Legal Resources in the Cayman Islands and an attorney in New York, British Virgin Islands and Jamaica, offered his advice. He’ll attest to the difficulty of avoiding all taxes by using an offshore trust, but a Cayman STAR Trust (Special Trust Alternative Regime) is “a proven wealth management tool for U.S. persons and may lead to more optimal tax-deferral solutions," he says. Remember to consult with your tax adviser before making any decisions, as each person's situation is unique.

Getting Info

If investing in European self-storage sounds interesting, you’ll likely want more information. Start by seeking competent advice from someone who has experience abroad. An international real estate firm is a good start. Look for a company with solid industry connections. It should be able to provide personalized service and a team of specialists to guide you. Plus, many U.S. real estate companies have a global presence and often have self-storage advisory departments.

Also speak to an international tax adviser at one of the large accounting firms. These companies always have professionals in the U.S. from a large number of EU member countries specifically to guide U.S. companies and individuals doing business in Europe. If you’re considering the use of offshore tax regimes to defer tax payments, consult an expert with the ability to register the funds in the appropriate domiciliation. The FEDESSA website offers a wealth of information on this topic.

Finally, go see for yourself. Don't be afraid of the language barrier. Many people in the European storage industry speak English or have senior people who do. They’ll likely also have a competent adviser who can make connections for you. There are also a number of U.S.-based consultants with experience in self-storage abroad.

In many European countries, the industry is still in its infancy. While investing in storage in another country comes with challenges, it can also be a wonderful opportunity for the intrepid entrepreneur.

Robert James Oliver is a real estate professional with more than 30 years of experience. He’s CEO of Mondream, a global real estate asset-management and advisory firm with offices and partners in Luxemburg, New York and Paris. He’s also a professor of international real estate management in the master’s program at Sciences-Po in Paris, and a professor of international real estate finance in the master’s program at INSEEC Business School, also in Paris. For more information, e-mail [email protected]; visit www.mondream.com.

Brazil self-storage operators GuardeAqui and Kipit have formed a joint venture with plans to develop 50 facilities, 30 by 2020. The investment could reach 600 million reais. Though the resulting assets will operate under the GuardeAqui brand name, ownership will be split equally, according to Fauze Antun, a real estate partner with Kipit controlling company Pátria Investimentos Ltda. Once the joint venture reaches 50 locations, a plan will be made for GuardeAqui to exit through an initial public offering, sale to another investor or another option, Antun told the source.

Though the Brazil self-storage market is growing, it remains underdeveloped due to the scarcity of available financing, Allan Paiotti, CEO for GuardeAqui, told the source. Commercial tenants comprise half the business of both operators, Paiotti said.

Kipit has two self-storage facilities in São Paulo.

Pátria Investimentos is an alternative-investment manager specializing in Latin American assets, particularly in Brazil. Its private-equity investments include creating new businesses in agribusiness, credit, infrastructure, real estate, self-storage and other sectors, according to its website.

Based in São Paulo, GuardeAqui operates 14 self-storage facilities. Controlled by Chicago-based investment-management company Equity International, the company announced three years ago its intention to have 50 locations by 2017.

Equity International is an institutional real estate investment company led by Tom Heneghan and Sam Zell. Founded in 1999, it looks for high-growth opportunities with companies in emerging markets outside the United States. It has raised more than $2 billion and invested in 26 portfolio companies in 15 countries.

U.K. self-storage operator Big Yellow Group PLC released interim operating-performance results for the third quarter of its 2017 fiscal year, which ended Dec. 31. The company reported same-store revenue of £26.9 million for the period, up 5 percent from a year ago. Revenue for just the company’s Armadillo Self Storage portfolio was £2.6 million, a 17 percent year-over-year increase, according to a press release.

Occupancy across the company’s portfolio of 73 locations closed at 75.5 percent for the period, compared to 73.6 percent the previous year. Same-store occupancy was 76 percent, up from 73.6 percent a year ago.

The third quarter is typically among the company’s weakest each year, the release stated. "After a weaker October, occupancy performance improved in November and December, delivering a similar performance to last year, with a loss of 137,000 square feet compared to a loss of 138,000 square feet in the prior year,” CEO James Gibson said. “Average year-on-year rate growth slowed to 2.3 percent in the quarter compared to 2.8 percent for the first half of the year.”

Big Yellow began construction in December on a 55,000-square-foot self-storage facility in Guildford, England, which is expected to open in early 2018, In addition, the company has received planning approval for a 25,000-square-foot expansion of its Wandsworth, England, location. That project is expected to be complete in spring 2018.

“As we referred to in our half-year results, significant uncertainties remain around the U.K.'s economic outlook,” Gibson noted. “That said, we believe new supply in our key areas of operation, particularly London, will remain constrained over the medium to longer term and that the business is well-placed to face down most challenges.”

Big Yellow Group operates 89 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names, with most concentrated in Greater London. Its total portfolio comprises 5.3 million square feet.

Stowaway Self Storage, which operates five facilities in Tennessee, received consent this week to build a second property in Greenville, Tenn. The Greeneville Regional Planning Commission approved the final civil plans on Jan. 10 for the property near the intersection of Emory Road and Gass Drive, according to the source. The commissioners also agreed to a replat of the property to accommodate the storage facility.

The vacant lot is near a pediatric clinic and a pharmacy. The plans call for a single-story, 25,200-square-foot, climate-controlled building. Sidewalks will be built on the portion of the property along Emory Road. The site will also include landscaping.

Stowaway Self Storage operates facilities in Bristol, Grey, Greenville, Johnson City and Kingsport, Tenn. The company was founded more than 30 years ago.

 

Absolute Storage Management (ASM), a self-storage owner and property-management firm, has purchased two Madison, Ala., facilities in a joint venture with an affiliate of The Natchez Group, a self-storage developer. Balch Road Self Storage at 325 Balch Road and Madison Boulevard Mini Storage at 9091 Madison Blvd. comprise 83,000 square feet of storage space. ASM plans to upgrade the offices and security systems at each facility, according to a company press release.

The acquisition was financed by Simmons Bank and brokered by Trey Kirby, vice president of NAI Nashville, a division of commercial real estate firm NAI Global

“Madison is a thriving market, and these assets are both located on well-traveled roads through town,” said Michael Haugh, president of ASM.

Founded in 2002, ASM manages 88 self-storage facilities, 16 of which are owned and operated in joint ventures with the company. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.

Based in Nashville, The Natchez Group was founded in 2013 by local real estate investor Taylor Preston. It has storage projects under development in Tennessee, including a six-story, mixed-use development in Germantown, and an eight-story facility in the SoBro neighborhood of Nashville.

 

By Roy Kaufmann

Collecting unpaid rent on self-storage units is neither fast nor easy. Moreover, the process is fraught with legal danger. One misstep and you could find yourself sitting behind the “defendant” sign in a courtroom. Or equally disheartening, if not more so, the government could slap you with penalties for noncompliance with the Servicemembers Civil Relief Act (SCRA), which could amount to hundreds of thousands of dollars.

This was the case for San Diego-based Across Town Movers. The company settled a suit with the U.S. Department of Justice in 2015 in which it agreed to pay $170,000 in penalties for selling the belongings of a deployed Navy officer. Such sales are prohibited without a lien, and operators can’t get a lien without a court order if the client is an active servicemember.

The United States has statutes, including the Fair Debt Collection Practices Act, to protect consumers from abuses such as unfair collections practices. Although federal law sets rules regarding your right to lien, seize, sell and dispose of tenant property, each state is different and may enact stricter rules. It’s your responsibility as a storage operator to be aware of and heed these rules, lest you be forced to suffer the consequences.

The Act

SCRA is a far-reaching consumer-protection act that was passed in 2003 to safeguard active-duty military personnel from certain penalties, including liens and foreclosures. Its purpose is to provide these personnel with relief from worries such as bills while they’re serving their country. Your self-storage business is subject to the SCRA, and noncompliance can be costly. Areas the SCRA covers include:

• Mortgage relief
• Lease termination
• Eviction protection
• Interest rate cap of 6 percent
• Stay-of-court proceedings
• Reopening of default judgments

Now more than ever, it’s critical for self-storage operators to grasp the scope of the SCRA. Violating the act can result in fines and penalties, including imprisonment. The SCRA grants protection not only from liens, but from the sale and disposal of property. This protection extends to members of the military reserves when called to active duty as well.

Notification

You might think a servicemember has a duty to inform your storage facility if and when he’s going on active duty. It would save you a lot of time and trouble if he did. In reality, servicemembers may have a moral duty in this area, but they don’t have a legal obligation.

However, there are steps you can take to encourage your military tenants to notify you of their status. For example, you can post signs asking them to inform the storage manager before they go on active duty. This is a request, not a legally enforceable rule, but it may make for fewer headaches. You can also add a line or a paragraph on the lease asking if the prospective tenant is in the military or reserves; although this information can’t be used as proof in a court of law. You should also ask for the names and numbers of family members in the event of an emergency. This information can be used later as a means of helping identify the tenant and his military status.

Another option is to ask all tenants to sign a waiver saying they voluntarily give up their rights under the SCRA. This waiver can’t be attached to the lease, however, and tenants can’t be compelled to sign it as a condition of renting. The waiver must also stipulate it only applies to the lease. If the tenant does agree to sign, he must do it during or after his period of active duty. If it’s before, it’s unenforceable.

Verification

When a tenant stops paying rent and you have no information about his military status, you must find out before you place a lien on the unit or auction the property. For this endeavor, there are a number of paths to consider. Many turn to the Defense Manpower Data Center (DMDC), the government office in charge of curating information on U.S. Department of Defense personnel.

Unfortunately, even though DMDC is a government entity, this source is rife with errors and outdated information. The center is working to remedy this situation, but you’re still taking a risk by relying on the information it provides. Unless you have the tenant’s Social Security number, you may get results for relatives or others with the same or similar names. These “vouchers” come with disclaimers and are rarely accepted by courts as proof of military status. In addition, getting these reports takes time, sometimes weeks or months, due to the huge backlog of requests.

If timeliness is important or you have a batch of requests to process, you’re better off working with a private company. You won’t need to provide a Social Security number, as these companies use other channels to uncover the proper documentation. They provide verification, plus an affidavit within 24 hours you can take to court.

It’s important not to make any moves until you have this verification. Once you do, if the tenant isn’t a servicemember, you may proceed with placing a lien on the storage unit. If the tenant is on active duty, however, you’ll need a court order before you can safely place a lien, evict or foreclose. Some states allow you to place a padlock on the unit in the interim.

Legal Requirements

Storage operators can run into trouble outside of the SCRA as well. Consumer protection is complex and evolving. A tenant’s circumstances, including his age, and your state’s rules can come into play. State laws on selling and disposing of others’ property provide certain rights and obligations to both the self-storage owner and tenant.

When it comes time to decide whether to sell or dispose of a delinquent tenant’s property, talk to your lawyer first. Most tenants would view the sale and disposal of their goods as a personal assault upon their household. Many keep important papers, family heirlooms, memorabilia, photos of loved ones and other valuables in their units. Such sales could result in potentially expensive lawsuits.

With consumer-protection claims in general—and sale-and-disposal claims in particular—courts want careful documentation. They’ll likely ask for proof that you properly informed the tenant of the past-due bill, you gave him time to pay, and you checked to see if he was a servicemember.

You can usually find the legal requirements and timelines in your state's consumer-protection statutes.

It’s critical you follow the guidelines carefully and comply with the requirements for all notices to your customer of your intentions and his obligations. You should also consult with your attorney and insurance agent, get a copy of your state’s consumer-protection statutes, prepare a timeline and follow it carefully. Do this regularly, since rules and regulations change often.

Penalties

Going to court over selling a tenant’s belongings rarely turns out well for a self-storage owner. Most juries will feel sorry for the plaintiff. In court, stored items suddenly seem to take on a sentimental patina they may never have had otherwise. The emotional appeal to a jury is almost certain, so litigation always poses a risk. The least a jury will expect to see is that the storage operator adhered to the laws and gave notice. Otherwise, he runs the risk of looking like a thief in the minds of jurors. This will only serve to reward plaintiffs.

In many areas, a violation of the consumer-protection act carries stiff penalties. These may include fines that have tripled as well as the plaintiff’s legal fees. A claim of hundreds of thousands of dollars in lost property might be more than your insurance policy covers. This can leave your facility responsible for the balance.

Consumer-protection acts in various states require you to carefully consider your right to sell and dispose of property owned by a tenant. Know the laws in your state before proceeding.

Attorney Roy Kaufmann serves as the director of the Servicemembers Civil Relief Act Centralized Verification Service in Washington, D.C. As a recognized authority on the Servicemembers Civil Relief Act (SCRA), he has published hundreds of articles and hosted many webinars. His teachings help law firms and businesses remain compliant with the SCRA rules and regulations to avoid costly fines. For more information, visit www.servicememberscivilreliefact.com.

A joint venture between self-storage real estate investment trust (REIT) Life Storage LP and Review Avenue Storage LLC, an affiliate of investment-management firm Equator Capital Management, has opened a self-storage facility in Long Island City, N.Y. Owned under Review Avenue Partners LLC, the property will be managed by Life Storage and rebranded under its name, according to a press release from The BSC Group LLC, the commercial real estate mortgage brokerage that arranged financing for the project.

Equator Capital acquired the property at 52-11 29th St. in 2015. The building site at the northeast corner of Review Avenue and 29th Street, near the Long Island Expressway and Midtown Tunnel, comprised 143,700 buildable square feet. It once housed a 24,363-square-foot, single-story warehouse but was purchased vacant for an undisclosed amount, according to a previous release. REIT Extra Space Storage Inc. was originally announced as the property manager.

"We are excited to be involved with such an attractive and well-located property in the NYC boroughs,” said Paul Powell, chief investment officer for Life Storage.

A $30 million finance package closed at Certificate of Occupancy. The package was arranged in conjunction with Locke Acquisition Group, which advises Life Storage on acquisitions, financing and joint ventures, the release stated. BSC arranged the mortgage financing with a “large money center bank.” The mini-perm loan features interest-only payments during lease-up and a variable interest rate spread over Libor.

Formed in 2009, BSC provides financial and loan advisory, mortgage brokerage, and loan-workout solutions to commercial real estate owners and investors, with a special emphasis on the self-storage market. Through its capital source network, the company provides access to debt and equity financing for commercial real estate investments nationwide.

Based in Brooklyn, N.Y., Equator Capital has investments in real estate acquisitions, ground-up developments and “repositionings,” according to its website. It works with joint ventures, institutional partners and private investors.

Life Storage is the REIT formerly known as Sovran Self Storage Inc. Based in Buffalo, N.Y., it operates more than 650 self-storage facilities in 29 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 45 million square feet.