Category: Finance News

Talonvest Capital, Inc., a boutique mortgage brokerage firm, is pleased to announce $66,100,000 of construction loan closings for its long-time client, 1784 Holdings, LLC. The first transaction was a $46,700,000 construction loan for the development of a state-of-the-art self storage facility located on a prime thoroughfare in North Hollywood, CA. The property will have almost 98,000 net rentable square feet across 1,144 climate-controlled units. The second financing was a $19,400,000 construction loan for a premier self-storage development in Bordentown, NJ. Situated on 5.4 acres, the project will offer over 77,000…

North Palisade Partners has obtained $55 million for the refinancing of its 3,039-unit self storage facility at 1920 Randolph St. in Los Angeles. By issuing the five-year bridge loan, Goldman Sachs Alternatives originated one of the largest financing packages for a single-asset self-storage property in Southern California. CBRE arranged the transaction. Proceeds retire existing debt. In 2022, Buchanan Street Partners provided two separate construction loans for North Palisade’s facility totaling $55.2 million, according to Yardi Matrix information. Completed in the first quarter of this year, the three-story, 214,000-net-rentable square-foot facility…

Nuveen, the investment manager of TIAA and one of the largest real estate managers in the world with $141 billion in real estate assets under management, has announced the closing of a separately managed account for the California State Teachers’ Retirement System (CalSTRS) to invest in self-storage assets across the United States. This strategic collaboration includes an initial equity commitment of $150 million from CalSTRS, alongside a 10% equity commitment of $16.6 million from the TIAA General Account for a total allocation of $166.6 million. The strategy will focus on…

Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $9.25 million loan with LSC Development to fund the conversion of a 2000 vintage office building, prominently located at the intersection of I-355 and North Avenue, into a fully climate-controlled, state-of-the-art self-storage facility. The 103,109-square-foot building, located on a 10.5-acre site at 665 W. North Avenue in Lombard, Ill., will be transformed into a 67,853-square-foot Class A, climate-controlled self-storage facility and provides 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading…

The largest land sale in Hollywood for the first quarter goes to Baranof Holdings, which acquired a 1.29-acre industrial land site for $28 million. Dallas-based Baranof Holdings, a developer and asset manager of self-storage facilities, has purchased a 1.29-acre industrial land site in Hollywood for $28 million in order to pave the way for a new Los Angeles self-storage facility. The transaction marks the largest land sale in Hollywood during the first quarter of the year. Baranof Holdings acquired the site at 956 Seward St., which previously operated as a…

The borrower plans to convert a vacant 150,000-square-foot flex property in Los Angeles into a self-storage facility. PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility. Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower. The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset. Source