Self-Storage Facility Secures $38M Bridge Loan in L.A.’s South Bay
By Greg Cornfield May 22, 2024 11:55 am
reprints
This deal is locked up.
1784 Holdings, a self-storage developer and manager led by CEO and Chairman Shane Albers, secured $36 million in bridge financing for an asset in Los Angeles’ South Bay.
An entity controlled by Extra Space Storage provided the nonrecourse, interest-only bridge loan over three years with two extension options.
The Life Storage facility includes 130,305 square feet over 1.3 acres at 3155 West El Segundo Boulevard in Hawthorne, Calif., west of the intersection of El Segundo and Crenshaw boulevards.
Talonvest Capital, a self-storage and commercial real estate advisory firm, announced the bridge loan and represented the borrower. The team that negotiated the loan included Jim Davies, Britt Taylor, Mason Brusseau, Tom Sherlock and Lauren Maehler.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
