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5/07/25
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North Palisades Partners has secured a $55 mil refi loan for its newly delivered 3,039-unit self-storage facility in Los Angeles. The take-out loan, provided by Goldman Sachs Alternatives, ranks among the largest single-asset self-storage financing packages in Southern California.
Located at 1920 Randolph St in Huntington Park, the 214k sf facility received its Certificate of Occupancy in March 2025 and is currently being managed by Extra Space Storage. It is one of the largest self-storage developments in the region and is strategically positioned in a dense, supply-constrained submarket along the heavily trafficked Alameda Corridor, which sees approximately 37,000 vehicles daily.
North Palisade sees strong growth potential at the Randolph facility, citing the area’s low self-storage supply per capita, high population density, and the success of its nearby facility at 2200 Nadeau St. That property, also managed by Extra Space Storage, reached 90% occupancy within 19 months of opening—exceeding lease-up projections by 39%.
“We secured this refinancing to replace the construction loan on a facility that delivered in Q1 2025,” said Steve Cobbs, Managing Director of North Palisade Self Storage. “The completion of the Randolph facility marks a significant addition to our growing, institutional-grade self-storage portfolio. We continue to believe that self-storage offers compelling, risk-adjusted investment opportunities.”
The five-year bridge loan was arranged by CBRE’s Tom Rugg, Tom Traynor, Mark Finan, and Arman Samouk. Proceeds will retire the construction financing and provide North Palisade with extended runway to execute its strategic business plan for the asset.
This milestone supports North Palisade’s long-term goal of aggregating $400–$500 mil in self-storage assets. The firm is actively pursuing core-plus, value-add, and development opportunities in both primary and secondary markets nationwide. Amid current market dislocation, North Palisade views this as an opportune time to deploy capital.
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