Developers earned a $29.6-million construction loan for the self-storage project in Chinatown. (Credit: Talonvest)
World Class Capital Group has secured a $29.6-million loan to build a 188,600-square-foot self-storage facility in Downtown Los Angeles.
The firm plans to build the three-story facility at 960 and 1000 Main Street. It will include 2,036 units on the 2.4-acre site in the Cornfield Arroyo-Seco Plan Area (CASP) in the Chinatown neighborhood, according to Talonvest Capital, a self-storage and commercial real estate advisor, said in a release.
Los Angeles created the CASP area in 2013 out of an industrial zone straddling the L.A. River.
Talonvest Capital negotiated the seven-year loan with a community bank.
A joint-venture of World Class Capital and Barings bought the site last May for $14.6 million, and sought to take advantage of the increasing demand for self-storage services. The project doesn’t need a zoning variance and has been advancing through the permit process since last July, records show.
Great Value Storage, a subsidiary of World Class, will operate the facility.
World Class Capital has developed, or is in the process of developing, more than one million square feet in Los Angeles.
Source: The Real Deal Los Angeles