National scope. Local knowledge.
$8,250,000 Construction-Completion Financing
Vancouver, WA | May 2021
Thorofare Capital has funded a construction-completion loan for a 470-unit, 41,885 SF self-storage facility in Vancouver, Washington.
The sponsor sought a pre-TCO refinancing solution that would capitalize the completion of the project, which was more than 80% complete at the time of loan origination.
Once completed, the four-story property’s units will feature an average size of 89 SF, 63 wine lockers with an average size of 12 SF, and 5 walk-in wine storage units with an average size of 138 SF.
The ground level includes a covered unloading area, drive-up storage units and keypad access entrances into the interior storage areas and elevator.
The 100%-climate-controlled storage facility is well located within the suburban area of the Vancouver with good frontage and visibility along East 5th Street.
With a total population of nearly 80,000 and 36,000 households within 3-mile radius, with continued positive employment trends in the surrounding area, these self-storage units are expected to experience steady positive absorption upon completion.
The limited-recourse, interest-only bridge loan carries an initial term of three years and includes one additional performance-based extension options.
The facility includes a CapEx Holdback to fund the remaining 18% of the project’s budget and shortfall reserves to carry it through lease-up.
The sponsor is a Washington-based real estate private investment firm that focuses on the investment, development, and management of various properties in the Pacific Northwest.