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Goleta Self Storage

Goleta Self Storage

$30,000,000 Construction-Completion Financing

Goleta, CA | April 2023

Thorofare Capital has provided a $30,000,000 construction-completion loan for Goleta Self Storage, a Class A 97,860 SF climate-controlled self-storage in the Goleta sub-market of Santa Barbara. This is the fourth financing transaction that Thorofare has closed with the project’s development team.

The 1,023-unit facility was approximately 70%-complete at the time of loan origination, and loan proceeds were utilized by the sponsorship to retire the original construction loan, complete the project with an estimated October 1st completion date.

Goleta Self Storage is well-located with 1,000 feet of visibility frontage along Highway 101, at a location that averages 79,200 vehicles per day. The project, which will consist of three, three-level buildings situated on a 2.06-acre site, is 1 mile northeast of Santa Barbara Airport and just two miles away from the UCSB campus.

The interest-only, structured whole loan carries an initial term of one year, in addition to three extension options.

The sponsor is Southwest U.S.-based, private real estate investment firm with interest in over 20 self-storage facilities across under-supplied, high barrier-to-entry markets in the U.S.