Raintree & Pima Self Storage Partners LLC, an affiliate of 1784 Capital Holdings, has landed a $20 million loan for Raintree Life Storage, a self storage facility currently under construction in Scottsdale, Ariz.
Principal & Head of Originations Felix Gutnikov of Thorofare Capital originated a 1.5-year floating-rate, non-recourse loan with two six-month extension options for the construction and completion of the property.
Scheduled for delivery in September 2022, the two-story facility is rising on a 2.3-acre site. Plans call for 944 climate-controlled units totaling 81,435 net rentable square feet.
TLW Construction is the general contractor, while RKAA Architects Inc. is the project’s architect. Life Storage will manage the facility, which was 65 percent completed at the time of the closing.
Located at 15023 N. Pima Road, the property is next to Pima Freeway and is facing Loop 101, offering convenient access to major retail and residential areas in the city. As one of the 14 facilities within a 3-mile radius, the project offers residents 15.4 net rentable square feet per capita, which is significantly above the national average of 7.1 net rentable square feet per capita.
In Scottsdale, there are currently two self storage properties under construction along with five planned projects, that would add almost 730,880 square feet to the existing storage inventory, Yardi Matrix data shows.
Thorofare Capital recently provided 1784 Capital Holdings with a $17 million loan for 7200 Monogram, a self storage development in North Scottsdale, Ariz., set for completion in the fourth quarter of 2022.