A $21.5 million loan will finance the construction of a 99,456-square-foot facility on 1.61 acres at the highly trafficked intersection of Vanowen Street and Woodley Avenue in Van Nuys, immediately west of the I-405 Freeway. The site on Woodley Avenue is within the most populous neighborhood in Los Angeles’ San Fernando Valley.

Thorofare Capital Inc. recently closed the construction loan for the development of a 1,171-space self-storage facility. The facility aligns closely with Thorofare’s financing thesis and stands to benefit from the unsatisfied demand for a 100 percent climate-controlled purpose-built product in an underserved submarket.

“This self-storage construction loan marks our much-anticipated entry into the construction financing area with the opportunity to lend on a well-located class-A project in a market benefiting from strong supply and demand fundamentals,” said Kevin Miller, Thorofare’s CEO.

Irvine-based DAI General Contracting aims to deliver the project by May 2022.

KSP Studio serves as the architect for the project, which will be managed by JMR Land Use Consultants on behalf of the ownership, Gregg Buskett.