Thorofare Capital has closed a $20 million whole loan for the construction-completion of Raintree Life Storage. This transaction marks the third time that Thorofare has provided financing to this borrower within the past year.

Raintree Life Storage is a 81,435-square-foot, 944-unit climate-controlled self-storage facility under development on a 2.25-acre site facing Loop 101 in Scottsdale, AZ. Life Storage (NYSE: LSI), a national self-storage REIT and management company with an $11 billion market capitalization as of May 2022, will handle property operations upon the project’s delivery, which is expected in September 2022.

Located adjacent to Raintree Corporate Center to the south, an office complex to the North and single-family residences to the East, the property has high visibility off the Loop 101 with dedicated monument signage. The nearest highway exit is just 0.3-miles south of the Property at the intersection of Raintree Drive and Pima Road. In addition to strong population density, the property will benefit from being one mile away from a large power center with national retailers being Walmart Supercenter, Target, Costco Wholesale and the Home Depot, just to name a few. Major employers in the immediate area include Banner Health System, Walmart, Wells Fargo, and Arizona State University.

The construction-completion, floating rate financing carries an initial term of 1.5 years, includes two 6-month extension options and was priced at a competitive spread over the 1-month Term SOFR index. The loan is interest-only its entire duration and is non-recourse subject to customary completion and carry guarantees.

The sponsor is a Southwest U.S.-based privately held, vertically integrated national self-storage owner, developer, and operator with a 13 self-storage facility portfolio.