LaTerra Lands Financing for Los Angeles Storage Project
The facility is due to be online in 2025.
LaTerra Development has received $18.2 million in construction financing for the development of Raymer Self Storage, a 65,220-square-foot project in Van Nuys, Calif. Calmwater Capital provided the two-year loan for the development, which is slated for delivery in 2025.
JLL Capital Markets worked on behalf of the borrower. The property will be under Public Storage brand and management.
Back in 2022, the company teamed up with Macquarie Asset Management to deploy up to $300 million for self storage development throughout Southern California. At that time, the joint venture had already planned the Van Nuys facility, alongside two other projects in Mar Vista, Calif., and North Hollywood/Burbank.
Developed on the site of a former warehouse and industrial building, the three-story building will encompass a total of 1,017 units, consisting of 705 mini storage units and 312 locker units. Amenities will include controlled access, 24-hour video surveillance, climate control and rooftop solar panels.
Raymer Self Storage will take shape on 1.2 acres at 14876 Raymer St. in the San Fernando Valley market and has access to interstates 5 and 405. The site is close to Van Nuys Airport, the Metrolink Expansion Line site and Hollywood Burbank Airport. Los Angeles is 17 miles northwest.
The facility will be one of the 34 available on a 3-mile radius, offering residents 7.3 rentable square feet per capita. As of September, San Fernando Valley had six self storage properties under construction, set to add approximately 615,000 square feet to the existing inventory, Yardi Matrix data shows.
