Talonvest Secures Refi for Seattle Storage Facility

Gramor Development Washington owns the 594-unit property.

Cubes Self Storage in Covington, Wash. was completed in 2020. Image courtesy of Talonvest Capital

Cubes Self Storage in Covington, Wash., was completed in 2020. Image courtesy of Talonvest Capital

Gramor Development Washington has received an $8.8 million permanent loan for Cubes Self Storage, a 65,902-rentable-square-foot facility in Covington, Wash.

Talonvest Capital worked on behalf of the borrower to secure the seven-year, fixed-rate loan with interest-only payments for the initial two years, provided by Transamerica Life Insurance Co., according to King County records.

The Class A property, which was completed in 2020, was previously subject to a $9.2 million construction loan in 2019, funded by Banner Bank, Yardi Matrix data shows.

Cubes Self Storage is a three-story building that sits on 1.7 acres and features 594 climate-controlled units ranging from 25 to 300 square feet, as well as 27 drive-up units. On-site amenities include video surveillance, wine storage, gated access, hand carts, boxes and moving supplies, as well as covered loading and unloading area, among others.

Located at 27115 164th Ave. SE., the property is near the intersection of U.S routes 516 and 18, some 26 miles from downtown Seattle. The facility is one of the seven available within a 3-mile radius, offering residents 6 rentable square feet per capita. As of September, Seattle had a supply pipeline of 25 storage properties in various stages of development, set to add 2.3 million rentable square feet to the existing inventory, according to Yardi Matrix data.

The Talonvest team included Director David DiRienzo, Senior Director Kim Bishop, Associate Ivan Viramontes and Closing Manager Lauren Maehler. Back in May, the firm brokered another financing deal, securing a $13.7 million construction loan for the development of a storage facility in Paramount, Calif.

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