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 currently operates under the Extra Space Storage brand. One of the largest of its kind in the Los Angeles region, the property features climate-controlled units, elevators and indoor vehicle storage, among others.
The gated facility is near interstates 110, 710, 10 and 5, as well as 5 miles south of downtown Los Angeles. There are 16 other self-storage facilities within a 3-mile radius, offering residents some 3.6 rentable square feet per capita, the same data provider shows.
CBRE Vice Chairmen Tom Rugg and Tom Traynor, together with Director Mark Finan and Senior Associate Arman Samouk, arranged the loan.
In the last 12 months, the number of self-storage properties delivered in Los Angeles accounted for 2.9 per cent of the existing stock, in line with the national figure as per reports. Advertised rents for medium, climate-controlled units rose 1.9 per cent year-over-year, significantly above the 0.4 per cent national average.
