1784 Capital Holdings has secured a $41.3 million bridge loan for a Class A self-storage project in San Gabriel, Calif. Talonvest Capital Inc. arranged the note provided by a REIT.
The bridge loan has a three-year term with two extension options, as well as interest-only payments throughout its duration. Because the self-storage development broke ground in 2022 and is still under construction, the funds from the loan will be used to repay the current construction debt and cover all costs associated with the loan.
The development previously became subject to two construction loans, in 2021 and 2022, according to Yardi Matrix information. The former was in the amount of $5.8 million, originated by West Bay Capital. The latter was much larger, in the amount of $41.4 million, provided by a private lender.
Talonvest Principals Jim Davies and Tom Sherlock, Director Britt Taylor Mason Brusseau, and Closing Manager Lauren Maehler led the team that worked on behalf of 1784 Holdings, arranging the bridge loan.
The future San Gabriel facility – The 132,242-square-foot San Gabriel development will comprise five stories, including one below ground. The project will include approximately 1,532 units, 99 percent of which will be climate controlled.
Rising at 420 S. San Gabriel Blvd., some 11 miles east of downtown Los Angeles, the facility will add to the 11 self storage properties currently available within a 3-mile radius. The Los Angeles – Eastern County market had seven such projects under construction as of November, set to add 868,866 rentable square feet to the inventory, according to the same data provider.
1784 Holdings owns another eight self storage properties in California, namely in Garden Grove, Goleta, Hawthorne, Indio, North Hollywood, Norwalk, Palm Springs and Upland. The company owns another 31 facilities in nine other states.
