Talonvest Capital, Inc. says it has successfully negotiated a $29.6 million construction loan to develop an approximately 188,600 rentable sq. ft. self storage facility at 960 and 1000 Main St. in Los Angeles.
World Class Capital Group/Great Value Storage (WCCG/GVS) is developing the property, which will have 2,036 climate-controlled units and 53 covered parking spaces. WCCG/GVS have developed or are in the process of developing more than one million sq. ft. of storage in Los Angeles.
The three level, plus basement, Main Street project is on 2.4 acres in the rapidly Chinatown neighborhood north of downtown Los Angeles.
Talonvest says it delivered a non-recourse construction loan with a 7-year fixed interest rate and prepayment flexibility so the borrower could minimize future interest rate risk while maintaining flexibility for the business plan. The loan was negotiated with a Southern California based community bank.