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The Gulch Self Storage
$15,500,000 Acquisition Financing
Nashville, TN | December 2019
Thorofare Capital has funded a $15,500,000 short-term bridge loan for the acquisition of The Gulch Self Storage. The property is a 68,566 SF, climate-controlled self-storage facility on 85,943 SF of land located in The Gulch neighborhood of Nashville, Tennessee. Thorofare was able to close the transaction in less than three weeks to support the sponsor’s acquisition.
The Gulch is an upscale neighborhood, situated between Downtown Nashville and Music Row, known for its vibrant nightlife, trendy restaurants, boutique hotels and burgeoning urban development.
The sponsor will continue to operate the existing self-storage facility while obtaining necessary entitlements and city approvals to develop a high-rise multifamily building and parking structure.
Thorofare’s non-recourse, interest-only bridge loan includes a flexible prepayment structure and was priced at a competitive fixed interest rate.
The sponsor is an Chicago-based real estate development company focused on building luxury residential and commercial properties, with over $600 million of developed real estate.