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Thorofare Capital Closes $20 Million Construction Loan for Scottsdale Self-Storage Facility
Raintree & Pima Self Storage Partners is using the loan to construct an 81,435 square foot, 944-unit climate-controlled self storage facility. The project, which will be completed in September of 2022, will face Loop 101 in Scottsdale.
Thorofare’s Felix Gutnikov says Scottsdale has all the right metrics for self-storage, “We’re bullish on the self-storage sector in targeted, high-barrier-to-entry markets experiencing growing populations.”
The $20 million floating rate, interest-only financing carries an initial term of 1.5 years and includes two, six-month extension options.
TLW Construction is the general contractor on the project, which is approximately 65% complete. Life Storage will operate the site.
- ◦Sale/Acquisition
- ◦Financing
