Extra Space Storage Provides Self-Storage Developer $41M Bridge Loan
By Nick Trombola December 3, 2024 2:16 pm
reprints
For Extra Space Storage and self-storage developer 1784 Holdings, communication is key.
The real estate investment trust has once again provided the developer with bridge financing tied to a storage facility in Southern California, this time lending $41.3 million toward a 132,242-square-foot complex at 420 South San Gabriel Boulevard in the city of San Gabriel, property records show.
Real estate advisory firm Talonvest Capital’s Jim Davies, Britt Taylor, Mason Brusseau, Tom Sherlock and Lauren Maehler represented the borrower in the deal. Davies worked on the deal before passing away in early November.
The bridge loan has an interest-only three-year term, with two extension options, according to Talonvest.
The REIT in May provided a $36 million bridge loan to the same developer for its Life Storage facility at 3155 West El Segundo Boulevard in Hawthorne, Calif.
1784 Holdings has projects in the works on the opposite end of the country as well. In January, the firm secured a $53 million construction loan for a 200,000-square-foot self-storage development in Bethesda, Md. That facility is expected to begin operations at the tail end of 2025.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
