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Self-Storage Near USC Main Campus Secures $24M Refi
Tremont Realty Capital announced the closing of a $23.8-million loan to recapitalize 2515 S Broadway, an 80,000-square-foot self-storage facility branded as Extra Space Storage and located in Los Angeles. The lender is Seven Hills Realty Trust, which is managed by Tremont Realty Capital.
The first mortgage bridge loan has a three-year initial term with two one-year extension options. Tremont was introduced to the transaction by JLL, which advised Staley Point Capital, the Los Angeles-based sponsor.
“The closing of the 2515 S Broadway loan further grows our portfolio and diversifies it into the self-storage sector,” said Tom Lorenzini, SVP of Tremont and president of Seven Hills. “This Class A self-storage property is in a supply-constrained market near the University of Southern California’s main campus. With ample liquidity for investment and a strong pipeline, we continue to focus on attractive opportunities for originating new loans and generating attractive, risk-adjusted returns for our shareholders.”
- ◦Financing
