Elite Storage North Edmonton will be a new mini storage facility located in Edmonton adjacent to Highway 16. The site is currently improved with a warehouse that has a main floor foot print of 56,854 Square Feet. The site consists of 3.04 acres that has been fenced off and has heavy duty asphalt parking lot. The building is divided into three bays with one currently being vacant and the other two housing a trucking company and a countertop company.

Phase I of the development consists of the purchase of the property, the demolition of the initial 22,000 square feet, the construction of 75 exterior mini storage lockers, the construction of a second level over 15,000 Square Feet, and the construction of 270 interior mini storage lockers.

The Borrower is looking for $5,000,000 subscription on this property, against an appraised value of $19,000,000. The investment is currently scheduled for a three year commitment with a 10% Hurdle Rate.