Mini-Warehouse Chain Being Bought

Stor-N-Lok, a national mini-warehouse developer, has received an $85 million loan commitment, enabling it to acquire and refinance the Pilgrim Storage Warehouse chain which has 60 mini-warehouses in five Western states.

The first funding, $36.5 million, was received last June and a second funding of $10 million was completed Oct. 1. The remaining $38 million is to be funded by next June, at which time the acquisition of Pilgrim Storage will be completed. The loan was arranged by Remington Mortgage Corp., San Diego.