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Life Storage North Scottsdale
$17,000,000 Construction-Completion Financing
Scottsdale, AZ | February 2022
Thorofare Capital has funded a $17 million whole loan for the construction-completion of Life Storage North Scottsdale a.k.a. 7200 Monogram. Life Storage North Scottsdale is a 70,535 square foot, 804-unit climate-controlled self-storage facility located on a 1.44-acre site. Life Storage will handle property operations upon the project’s delivery, which is expected in Q4 2022.
Once completed, the property will consist of 804 units spread throughout two above grade floors and two basement levels. The class A, newly built facility will feature 20 parking stalls with dedicated handicap parking, and centrally located elevators will provide convenient unit access. The property will have two access points, one off Monogram Drive, and another off Scottsdale Road. The primary entrance to the building and loading area will be located on the North side of the property.
TLW Construction is the general contractor on the project, which was approximately 65% percent complete at the time of closing. RKAA Architects, Inc., a national full-service architectural and design firm, with offices in Newport Beach and Phoenix, serves as the project’s architect.
The interest-only, highly structured construction-completion loan carries an initial term of two years, in addition to one extension options, and fully capitalizes the project’s development budget through its lease-up upon commencement of operations.
The sponsor is a national self-storage developer. The company’s objective is to develop, construct, and operate Class A, climate-controlled self-storage facilities in major MSAs with high barriers to entry across the United States.