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Handy Self Storage
Montebello, CA | May 2011
Thorofare Capital has funded a $2,300,000 bridge loan for the refinance of a self storage facility and an adjacent office building. The self storage facility is improved with two, 3-story, concrete block buildings that were in good condition at the time of closing. The Los Angeles-based sponsor was approaching an upcoming maturity and was unable to refinance with a permanent loan due to lack of consistent occupancy trends during the trailing twelve months in a weak capital market. Thorofare’s financing allowed the sponsor to stabilize the asset and seek long-term debt in the near future during upward trending debt capital market conditions.
The two buildings, totaling 40,105 sq. ft., were built in 1987, and contain 440 storage units which sit on approximately 1 acre of property. The facility contains an on-site property management office, gated access and a fenced yard. The facility was 93% occupied and generated an annual NOI of $300,350 at the time of closing. The adjacent commercial property is improved with a 1994 built, 7,221 sq. ft. commercial office building with a surface parking lot. The building consists of eight suites (five of which are currently occupied) generated an annual NOI of approximately $55,800 at the time of closing.