Inland Empire Storage Facility Lands Refi
Northmarq arranged the $10.5 million loan for the recently built property.
A-Storage-Place Palm
Frontera Real Estate has received $10.5 million in refinancing for A-Storage-Place Palm, a 96,082-square-foot facility in Riverside, Calif. Transamerica Life Insurance Co. provided the 15-year loan, Riverside County records show.
According to Yardi Matrix data, the recently built property was previously subject to a construction loan of $7.9 million, originated by Western Alliance Bank.
Vice President Wyatt Campbell and Managing Director Aaron Beck of Northmarq’s San Diego office arranged the loan on behalf of the borrower.
Completed in 2021, the Class A facility sits on 2.9 acres across five two-story buildings and features 750 climate-controlled units ranging from 20 to 300 square feet. On-site amenities include 24-hour surveillance, gate code entry, drive up access, U-Haul truck rentals, packing supplies and RV and boat storage.
Located at 6289 Palm Ave., the property is 2.6 miles from downtown Riverside, 14.5 miles from San Bernardino and has access to Riverside Freeway. The facility is one of the 13 properties available within a 3-mile radius, offering residents 8.9 rentable square feet per capita.
The Inland Empire currently has 48 properties in its development pipeline, which are expected to bring approximately 3.3 million rentable square feet to the existing inventory over the next few years, Yardi Matrix estimates. According to the same data provider, Frontera Real Estate’s portfolio includes 33 properties, 14 of which are located in the Inland Empire market.
Northmarq recently arranged another loan for a storage facility in San Diego. U-Stor-It, a division of Chicago Capital Funds, received $17.8 million in refinancing for a 71,891-square-foot property.
