$18.2M construction loan arranged for Van Nuys self-storage facility
JLL Capital Markets led the financing efforts for Raymer Self Storage, a fully entitled self-storage development in California’s San Fernando Valley
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.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. (“JLL”), a Maryland corporation, licensed California Real Estate Broker #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaTerra Development
LaTerra is a market leading, fully integrated real estate investment and development company headquartered in Los Angeles, CA with combined portfolio value at completion currently estimated to exceed 3 billion Through its wholly owned subsidiaries, LaTerra provides a full spectrum of real estate investment services by developing, constructing, acquiring and asset managing properties for two distinct operating platforms Residential and Self Storage. For further information, visit laterradev.com.
About Calmwater Capital
Calmwater Capital is a commercial real estate debt lender specializing in senior secured bridge and transitional loans. With offices in both Los Angeles and New York city metros, Calmwater provides certainty of execution and individualized attention to our borrowers nationwide. Founded in 2010, Calmwater has grown to attract institutional investors both domestically and internationally. Calmwater Capital has originated nearly $4 billion in loans across 247 transactions since 2010. For further information, visit calmwatercapital.com.