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3/11/21
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The Ezralow Company has locked in $364 mil in long-term financing for 15 separate self-storage and industrial assets located in various California submarkets. The commercial mortgages were arranged by Gantry and sourced from four separate life insurance companies.
The proeprties in these transactions include 12 Price Self Storage-operated properties, encompassing 1.75 msf of total space, in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino, and Contra Costa Counties within strong local submarkets. The three industrial properties encompass approximately 428k sf of multi-tenant space located in Southern California.
Gantry’s Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker structured the long-term financings on behalf of Ezralow, a private real estate investment, development, and ownership company active across the spectrum of commercial real estate asset classes. According to Gantry’s Welsh, self-storage is a hybrid asset class that combines elements of industrial, multi-family and retail operative demands.
“High quality self-storage facilities have become a highly sought-after asset class for life and pension lenders over the past decade,” said Gantry’s Serden. “There are several key factors of these specific properties that set them apart: They are located in strong in-fill geographic locations with barriers to entry, areas with dense demographics, and a first-rate management team. Over the past decade, lenders have learned to appreciate that when located strategically and managed correctly, self-storage assets perform well in both growth and recessionary economies, for different but parallel reasons in each cycle.”
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