LaTerra Secures Construction Loan for L.A. Self-Storage Development
Calmwater Capital provided the two-year financing to build the Public Storage facility
By Greg Cornfield September 6, 2024 11:00 am
reprints
More people need more space to keep more stuff.
Los Angeles-based builder LaTerra Development secured an $18.2 million construction loan for a fully entitled self-storage facility in the San Fernando Valley, Commercial Observer can first report.
JLL (JLL) Capital Markets announced that Calmwater Capital provided the two-year financing for what will be named Raymer Self Storage, managed by Public Storage.
“Los Angeles is one of the most supply-constrained self-storage markets in the country, and the Raymer storage development is located in one of the densest areas in L.A. County,” Chris Tourtellotte, managing director of LaTerra Development, said in a statement.
The 65,220-square-foot self-storage facility will have 705 mini-units and 312 lockers. It will replace a warehouse and industrial building on a 1.2-acre site at 14876 Raymer Street in Van Nuys, a prominent neighborhood in the Valley with more than 755,000 people living within a five-mile radius.
The project is expected to be complete in 2025, and it will feature 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
