Caffrey & Company LLC placed an $8 million loan with a regional recourse lender.  This loan was a refinance and cash out on a stable self-storage facility in northern California.  This stable property is situated on a 7.7-acre tract, and has 96,300 SF of buildings, plus ample outside RV/boat storage.  The self storage loan terms were 10-years, with a 30-year amortization, 5-year rate reset initial rate well below 4.40%.  Prepayment penalties step-down 3%, 2%, 1%, open to repay after the third year and if arms-length sale.