$18.2M construction loan arranged for Van Nuys self-storage facility

LOS ANGELES, Sept. 9, 2024 - JLL Capital Markets announced today that it arranged an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled, 65,220-rentable-square-foot self-storage facility in Van Nuys, California.

JLL worked on behalf of the borrower, LaTerra Development, to secure the two-year construction loan through Calmwater Capital, LLC.

Due for completion in 2025, Raymer Self Storage will replace an existing warehouse and industrial building on a 1.19-acre site in Van Nuys. The new state-of-the-art facility will house 1,017 units consisting of 705 mini-storage units and 312 locker units. Property amenities will include 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.

Raymer Self Storage will be located at 14876 Raymer St. within a densely populated neighborhood in the heart of Los Angeles' San Fernando Valley. More than 755,000 people live within a five-mile radius of the property providing an ideal tenant base for a self-storage facility. Additionally, Raymer Self Storage is located close to some of the region's key drivers of distribution and demand; Interstate 405, Van Nuys Airport, Hollywood Burbank Airport and the Metrolink Expansion Line site.

"LaTerra is thrilled to form a relationship with Calmwater Capital," said Chris Tourtellotte of LaTerra Development. "Los Angeles is one of the most supply constrained self-storage markets in the country, and the Raymer storage development is located in one of the densest areas in LA County."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL"), a Maryland corporation, licensed California Real Estate Broker #01223413.