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9/10/24
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LaTerra Development has obtained $18.2 mil in construction financing for the development of Raymer Self Storage, a fully entitled, 65.2k sf, self-storage facility in the central San Fernando Valley community of Van Nuys. JLL Capital Markets arranged the two-year loan, which was funded 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.
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