Byline Bank Lends $14M on Self-Storage Build in Paramount
Byline Bank’s Commercial Real Estate team has provided a $13.67-million construction loan to Madison Capital Group, a Charlotte-based real estate developer with offices in Newport Beach. Madison Capital will use the funds to develop a new-construction self-storage property, located at 15932 Minnesota Ave. in Paramount.
The infill project will total 845 units, including 841 temperature-controlled units. The property will be managed by Madison Capital’s self-storage brand, Go Store It.
“Los Angeles has a vibrant self-storage market,” said John M. Barkidjija, EVP of Byline’s Commercial Real Estate and Specialty Finance Group. “Vacancies remain low and rent growth continues to make this sector attractive.”
Joanne Campanile, Sam Duros and Ana Garcia of Byline Bank managed the loan transaction on behalf of the borrower, working directly with Eric Lentz of Madison Capital Group Holdings. Talonvest’s Eric Snyder, Kim Bishop and Ivan Viramontes brokered the deal.
Pictured: A Go Store It facility in Cumming, GA.