Los Angeles Self Storage Facility Lands $14M Financing
- Jun 24, 2021
Magellan Value Partners has secured a $14.4 financing package for the construction of an upscale self storage facility in Azusa, Calif. Talonvest Capital negotiated a five-year fixed interest rate loan on behalf of the borrower. The deal also includes four years of interest-only payments and limited recourse, and comes with a five-year extension option and no prepayment penalty fees.
The project, which broke ground recently at 900 W. Foothill Blvd., will comprise a total of 1,150 climate- and non-climate-controlled units. The three-story building, encompassing 106,582 net rentable square feet, will feature a basement level and distinct architecture for the façade.
Located east of the Century City commercial district, the development is close to Emanate Health Queen of the Valley Hospital. Downtown Los Angeles is some 25 miles from the property, while Los Angeles International Airport is situated approximately 40 miles west.
The largely unpenetrated Los Angeles metro is one of the top Sun Belt markets with the highest overall self storage sales volume year-to-date through May, according to recent Yardi Matrix data.
Editor’s note: This story was updated to reflect the property’s address of 900 W. Foothill Blvd.