Greystone Provides $14M for LA Storage Facility
The property is subject to a CMBS loan with a 10-year term.
A private owner has received a $14 million CMBS loan for SOS Storage Centers, a 143,483-square-foot self storage facility in Torrance, Calif.
Managing Director Anthony Cristi with Greystone originated the financing. The first mortgage includes a 10-year term with interest-only payments and was provided at a 59.6 percent loan-to-value ratio.
The property is under the current ownership since 2002, when the facility traded for $5.8 million. At the time, SOS Storage Centers was subject to a $4 million loan, funded by the seller, Yardi Matrix data shows.
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SOS Storage Centers was then subject to several other loans over the last two decades. The last one was originated in 2014, when Kinecta Federal Credit Union provided $9.4 million in financing, with a maturity date set for 2024, according to the same data provider.
The facility was built in two phases, between 1992 and 2008. Initially an office property, it was later converted to a storage asset in 2008. The two-building, three-story property encompasses 801 non-climate and climate-controlled units ranging between 25 to 610 square feet, and features vault and wine storage units across a total of 79,515 square feet. Amenities include video surveillance cameras, keypad entry, custom access hours, a conference room, a children’s play area, as well as boat and RV parking.
Southern California self storage assets
Located at 19840 Pioneer Ave., SOS Storage Centers has access to Interstate 405 and is 26 miles away from downtown Los Angeles. The facility is one of the 23 available within a 3-mile radius, offering residents 2.2 rentable square feet per capita.
Earlier this summer, Gantry secured a total of $18 million to refinance two self storage facilities in Southern California. The 10-year loan had a fixed-rate, with a 30-year amortization period. The properties are located in Simi Valley, 43 miles from Los Angeles, and in San Diego.