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Norwalk Self Storage
$22,000,000 Construction-Completion Financing
Norwalk, CA | April 2023
Thorofare Capital has provided a $22,000,000 construction-completion loan for Norwalk Self Storage, a Class A 92,163 SF climate-controlled, self-storage in the Norwalk sub-market of Los Angeles County. This is the fifth financing transaction that Thorofare has closed with the project’s development team.
The 996-unit facility was approximately 70%-complete at the time of loan origination. Financing proceeds were utilized by the sponsorship to retire the original construction loan, complete the project with an estimated November 1st completion date and fund reserves.
Located along Interstate 5 with excellent visibility, Norwalk Self Storage has good accessibility and is located in an infill urban location, which is densely populated with attractive demographics for supporting self-storage demand.
The project, which will consist of one, three-level building situated on a 2.80-acre site, with an average unit size of 93 SF.
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.