BWE closed a $10,000,000 construction loan for the ground-up development of a new 733-unit self-storage facility in downtown Lancaster, CA.
Arash Kouhi, VP in BWE’s Phoenix office, originated the loan from a credit union on behalf of Frontera Real Estate Investments. The loan has a 15-year term with three years of interest-only payments.
“We worked closely with our partners at Frontera Real Estate to complete this deal despite the adverse market conditions, and we’re proud to help them develop this project in an area that’s seeing high demand for reliable self-storage,” said Kouhi. “As Lancaster’s attainable housing prices and economic growth continue to spur movement to the city, this new development will address a crucial lack of product in the area.”
