New Scottsdale Self Storage Asset Lands $22M Refi
The Phoenix-area property, which came online last fall, is in its lease-up phase.
On behalf of 1784 Capital Holding, Talonvest Capital closed on $22 million in bridge financing for the local owner’s 1,090-unit self storage facility, which opened in late October 2020. Talonvest obtained a non-recourse three-year loan with extension options, and interest-only payments during the initial loan term and the extension periods.
Scottsdale Promenade Self Storage, currently in its lease-up phase, is located at 7550 E. Paradise Lane, close to the intersection of Frank Lloyd Wright Boulevard and Scottsdale Road, and can be accessed from both East Paradise Lane and North 76th Street. Adjacent to Scottsdale’s Promenade retail center, the property is close to SunGard AS’s Scottsdale data center and offices, as well as to multiple car dealerships.
With three above-ground levels and one below, the Class A asset totals 101,055 square feet of rentable space, with all units being climate-controlled. Units range from 25 to 220 square feet. The Life Storage-managed facility offers 24/7 surveillance and extended access hours.
The Talonvest team that assisted 1784 Capital Holdings in the financing deal included Jim Davies, Erich Pryor, David DiRienzo, Tom Sherlock and Lauren Maehler. Talonvest co-founder Sherlock recently talked to Multi-Housing News about the industry at large as part of a piece detailing the segment’s present and future.
The deal comes less than one year after Talonvest brokered another, $22.1 million refinancing package for 1784 Capital Holdings for a 82,030-square-foot self storage asset in Scottsdale.