Talonvest Capital Inc. has arranged a $29.6 million, seven-year, fixed rate construction loan for the development of a 188,600-square-foot self storage facility in Los Angeles’s Chinatown neighborhood. The joint venture between World Class Capital Group/ Great Value Storage and Barings intends to build the facility on a 2.4-acre site acquired for $14.6 millions from a private investor last May, according to county records.
Located at 960 and 1000 Main St., the Class A asset is set to include 2,036 climate-controlled units and 53 covered parking spaces. The three-story property will be easily accessible by the nearby 101, 110, 5 and 2 freeways. Union Station will be within walking distance of the property. Jim Davies, Tom Sherlock, Kim Leslie Bishop and Terra Hendrich from Talonvest worked with Farmers and Merchants Bank of Long Beach to secure the financing.
On a national level, units under construction and in the planning stages represent 9.4 percent of the existing storage supply, according to the latest Yardi Matrix self storage report. Limited supply has driven asking rents in California metros to the highest in the country.
Image courtesy of Talonvest Capital Inc.