On December 21, 2018, National Storage Affiliates Trust (NSA) closed on a $75 million 10-year term loan facility that matures in December 2028.  The loan was provided by Huntington National Bank and includes an expansion option for up to an additional $50 million of proceeds.

The 10-year facility is structured as an interest-only loan and illustrates the strong competition today between banks and traditional term lenders such as life companies.  While it remains to be seen how many other banks will be looking to lend unsecured for 10 years, life companies may need to sharpen their pencils on rate and/or covenants in order to stay competitive.