1784 Holdings has snagged a $41.3 million loan to build a 132,200-square-foot self-storage building in San Gabriel.
The Scottsdale-based developer led by Shane Albers secured the bridge loan from lender Extra Space Storage for the five-story building at 420 South San Gabriel Boulevard, the Commercial Observer reported.
The late Jim Davies, as well as brokers Britt Taylor, Mason Brusseau, Tom Sherlock and Lauren Maehler of Talonvest Capital represented the borrower in the deal. Davies died last month of an undisclosed cause.
The bridge loan has an interest-only three-year term, with two extension options, according to Talonvest.
Extra Space Storage, a real estate investment trust based in Salt Lake City, also provided a $36 million bridge loan in May to the firm once known as 1784 Capital Holdings for its Life Storage self-storage facility at 3155 West El Segundo Boulevard, in Hawthorne.
The developer also has self-storage projects on the East Coast, according to the Observer.
In January, 1784 Holdings secured a $53 million construction loan for a 200,000-square-foot self-storage facility in Bethesda, Maryland, expected to open late next year.
1784 Holdings, founded in 2013 by Albers, owns and operates 41 storage facilities in 10 states and the United Kingdom, according to its website. It also owns an industrial property in Arizona and two apartment complexes in North Dakota.
The company also has a 190,000-square-foot self-storage facility under construction at 414 South San Gabriel Boulevard in San Gabriel.
— Dana Bartholomew
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