New Phoenix Storage Facility Lands $22M Refi
- Sep 28, 2020
Self storage developer 1784 Capital Holdings has secured a $22.1 million refinancing package for a newly-built facility spanning 82,030 square feet in Scottsdale, Ariz. Life Storage oversees property management at the site.
EquiTrust Life Insurance Co. provided the three-year, non-recourse mortgage, according to Maricopa County records. Loan terms include interest only payments and two one-year extension options. The new loan retires an $11.1 million construction loan that Metro Phoenix Bank originated for the project in 2018, Yardi Matrix data shows.
Located at 7245 E. Gold Ave., the property came online earlier this year. The three-story facility has 854 climate-controlled units ranging between 25 and 200 square feet. The property has drive-thru access to 86 units on the first floor, an on-site manager and security cameras. The property is 6 miles north of Scottsdale’s city center and 18 miles northeast of downtown Phoenix. There are at least 10 other self storage facilities encompassing 764,604 square feet within a 3-mile radius, according to Yardi Matrix.
The Talonvest debt placement team which assisted the borrower included Jim Davies, Erich Pryor, Mason Brusseau, Lauren Maehler, and Tom Sherlock. In April, the company arranged a $14.5 million construction loan for the developer’s 86,300-square-foot self storage project in Scottsdale, Ariz.