Self-storage development secures $30M construction loan

Chinatown site will include 189k sf in DTLA

Los Angeles /
Feb.February 08, 2019 02:00 PM
Developers earned a $29.6-million construction loan for the self-storage project in Chinatown. (Credit: Talonvest)

World Class Capital Group has secured a $29.6-million loan to build a 188,600-square-foot self-storage facility in Downtown Los Angeles.

The firm plans to build the three-story facility at 960 and 1000 Main Street. It will include 2,036 units on the 2.4-acre site in the Cornfield Arroyo-Seco Plan Area (CASP) in the Chinatown neighborhood, according to Talonvest Capital, a self-storage and commercial real estate advisor, said in a release.

Los Angeles created the CASP area in 2013 out of an industrial zone straddling the L.A. River.

Talonvest Capital negotiated the seven-year loan with a community bank.

A joint-venture of World Class Capital and Barings bought the site last May for $14.6 million, and sought to take advantage of the increasing demand for self-storage services. The project doesn’t need a zoning variance and has been advancing through the permit process since last July, records show.

Great Value Storage, a subsidiary of World Class, will operate the facility.

World Class Capital has developed, or is in the process of developing, more than one million square feet in Los Angeles.


Related Articles

arrow_forward_ios
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Rexford's Michael Frankel and Howard Schwimmer with the Cerritos property (Rexford, LoopNet)
Rexford’s latest splurge: $107M for four new properties across SoCal
Rexford’s latest splurge: $107M for four new properties across SoCal
Dunleer Group's BJ Turner and the warehouse (Dunleer, LoopNet)
Owner-occupant rakes in $10.6M for warehouse in San Gabriel Valley
Owner-occupant rakes in $10.6M for warehouse in San Gabriel Valley
Red Oak Investments' Alex Wong and A-1 Trailer Park (Google Maps, Red Oak)
Presto on PCH: apartment developer plans to make trailer park disappear
Presto on PCH: apartment developer plans to make trailer park disappear
The portion of land with renderings of proposed development (LoopNet)
6 percent of Bel Air on discount
6 percent of Bel Air on discount
600 East Broadway (SRS)
$43M price check at Vons supermarket in Long Beach
$43M price check at Vons supermarket in Long Beach
Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)
Price revealed: Lone Star paid $71M for Westin LAX
Price revealed: Lone Star paid $71M for Westin LAX
CGI+ CEO Gidi Cohen and 5200 South J Street in Oxnard CA (CGI+, Google Maps)
CGI+ buys Ventura County apartment complex
CGI+ buys Ventura County apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...