Denver Storage Project Receives Construction Financing
- May 25, 2020
Advantage Storage has taken out a $7.7 million loan for the development of a 73,750-rentable-square-foot self storage facility in Arvada, Colo. Great Western Bank provided the note, according to Jefferson County records. The mortgage matures in 2025. Loan terms include a LIBOR-based variable interest rate and three years of interest-only payments.
The developer acquired the site for $900,000 from a private investor in 2017, according to PropertyShark. Located on 5 acres at 15240 Coal Creek Road, the project will include both drive-up and indoor climate-controlled units. The site for the new development is 17 miles northwest of downtown Denver.
Talonvest Capital arranged the financing on behalf of the borrower. The brokerage team included Principals Eric Snyder, Tom Sherlock and Jim Davies and colleagues Erich Pryor, Lauren Maehler and David DiRienzo. Earlier this month, the firm also arranged a $6 million acquisition loan for a StorQuest facility in Venice, Fla. The William Warren Group paid $8.7 million for the asset.