Madison Capital Lands Funding for LA Storage Project

Byline Bank’s Commercial Real Estate Group provided the $13.7 million construction loan.

Development plans

Image by Sven Mieke via Unsplash.com

Madison Capital Group has received a $13.7 million construction loan for the development of an 845-unit self storage facility in Paramount, Calif. Byline Bank’s Commercial Real Estate Group provided the financing for the 104,630-square-foot property, which will operate under the Go Store It brand.

The Byline Bank team that managed the transaction on behalf of the borrower included Joanne Campanile, Sam Duros and Ana Garcia. Eric Snyder, Kim Bishop and Ivan Viramentes with Talonvest Capital brokered the deal.

The construction of the storage facility calls for the demolition of a vacant industrial building on the site. Upon completion, the five-story property will include 841 climate-controlled units and four non-climate-controlled units, ranging from 25 to 300 square feet. The Go Stor It properties offer on-site amenities such as moving and packing supplies, video surveillance and electronic access, among others.

The property is taking shape at 15932 Minnesota Ave., some 10 miles from Long Beach and 17 miles from downtown Los Angeles, providing access to Interstate 710. The storage facility will be one of the 23 available within a 3-mile radius, offering residents 4.3 rentable square feet per capita. Yardi Matrix data shows that the Los Angeles–Eastern County market has 29 storage properties in its supply pipeline in various stages of development, set to add 2.9 million square feet to the existing inventory.

Los Angeles was among the top markets for self storage deliveries in 2022, with the completion of more than 1 million rentable square feet, representing 1.5 percent of its existing stock.

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