Los Angeles Self Storage Facility Lands $14M Financing

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1900 Avenue of the Stars. Picture courtesy of Talonvest Capital Inc.

Magellan Worth Companions has secured a $ 14.4 financing package deal to construct an upscale self-storage facility in Azusa, California. Talonvest Capital negotiated a five-year mounted charge mortgage on behalf of the borrower. The deal additionally consists of 4 yr curiosity funds solely and restricted recourse, and comes with a 5 yr extension possibility and no prepayment penalty.

The challenge not too long ago broke floor in 1900 Avenue of the Stars, in accordance with info on the developer’s web site, and can embrace a complete of 1,150 climate- and non-climate-controlled models. The three-story constructing with a web rental space of ​​106,582 sq. meters could have a basement and an unbiased facade structure.

The challenge is positioned within the Century Metropolis enterprise district, close to the Westfield Century Metropolis buying middle and Fox Studios. The power is prone to be inhabited by a number of massive condominiums alongside Avenue of the Stars. Downtown Los Angeles is 13 miles from the property through Santa Monica Faraway.

The largely undeveloped Los Angeles metro is among the prime Solar Belt markets with the best whole gross sales for self-storage merchandise since Might, in accordance with the most recent Yardi Matrix information.