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3/29/21
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Thorofare Capital has provided a $21.5 mil construction loan for the development of a state-of-the-art, 1,171-space self-storage facility in Van Nuys, on behalf of the project’s owner, Gregg Buskett. The loan will finance the construction of a 99.5k sf facility situated on 1.61 acres at the highly trafficked intersection of Vanowen St and Woodley Ave, immediately west of the I-405 Fwy in the central San Fernando Valley.
Irvine-based DAI General Contracting is building the facility, with aims to deliver the project by May 2022. KSP Studio is the architect for the project, which will be managed by JMR Land Use Consultants on behalf of the ownership. The new project is expected to benefit considerably from unsatisfied demand for a 100% climate-controlled, newer purpose-built product in an underserved sub-market.
For Thorofare, this transaction marks the firm’s entry into the construction financing arena. Thorofare Capital has closed more than $760 mil in transactions over the past two years.
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