Gantry Secures $18M for SoCal Storage Facilities
The loan capitalizes a pair of properties totaling 1,634 units.
Gantry has secured $18 million to refinance two self storage facilities in Southern California. The 10-year life company loan has a fixed rate, with a 30-year amortization period. The properties—which comprise a total of 1,634 units—are in Simi Valley and San Diego, both under the Ace Self Storage brand.
According to Yardi Matrix data, the Simi Valley facility became subject to a $9 million loan from State Farm, with a maturity date set for 2033. The mortgage refinanced a pending maturity for the fully stabilized asset.
The single, cross-collateralized financing retired previous construction debt for the San Diego property, which became subject to a $10.3 million construction loan in 2018, originated by Wells Fargo Bank, Yardi Matrix shows.
Principal Peter Welsh and Senior Director Bahman Mirhashemi with Gantry’s Los Angeles and Irvine, Calif., offices, worked on behalf of the borrower, a private owner.
At the beginning of this year, Gantry secured another two other loans totaling $25.4 million for two self storage facilities in the Bay Area. SKS Management received $12.2 million for SAF Keep in San Jose, Calif., while The Claremont Cos. received $13.2 million for a StoreLocal facility in Hercules, Calif.
Close to major metros
The Ace Self Storage asset in Simi Valley is a 54,718-square-foot facility that encompasses three two-story buildings, completed in 2006. The property features units ranging from 25 to 300 square feet. Located at 52 Tierra Rejada Road, the facility is one of the eight available within a 3-mile radius, providing residents with 8.5 rentable square feet per capita. Ace Self Storage is 43 miles from Los Angeles.
The facility in San Diego encompasses 115,758 square feet and was completed in 2020. The three-story building also features units ranging from 25 to 300 square feet. Located at 7988 Miramar Road, the property is one of the 19 available within a 3-mile radius, offering residents 19.2 rentable square feet per capita. San Diego is some 16 miles of the facility.
Both properties have video surveillance, coded gate entry, online bill pay, as well as boxes and moving supplies.