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7/28/26
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A recently constructed, 972-unit self-storage property in Goleta was refinanced with a new $45 mil senior bridge loan. The property is owned by 1784 Holdings, a national self-storage owner and developer.
The institutional-quality, climate-controlled self-
storage facility is located within the highly supply-constrained Santa Barbara submarket. The 95.5k sf property, managed by Extra Space Storage, has demonstrated exceptional leasing momentum and is well positioned to benefit from Goleta’s high barriers to entry, affluent demographics, and limited competitive supply.
Meeting the sponsor’s objectives required optimizing proceeds while preserving long-term flexibility and attractive exit economics. The resulting structure featured a bridge loan with a three-year initial term and two one-year extension options, providing the flexibility needed to execute the sponsor’s business plan. Through negotiations with the lender, Talonvest secured servicing-fee savings and reduced the potential prepayment penalty, lowering potential exit costs by more than $400,000. The structure enhances the sponsor’s financial flexibility while supporting the property’s continued lease-up and long-term investment objectives.
A Talonvest Capital team that included Tom Sherlock, Kim Bishop, Nathan Lefevre, and Mason Brusseau arranged the new loan.
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