- Loan Purpose: Ground-up construction of an 840 unit climate controlled self-storage facility
- Location: El Centro / Imperial Valley
- Project Cost: $9,300,000
- Property: 4.6 acres
- Financing: 85% Financing, no additional collateral needed. Start-up business, projection based. 6 months payment forgiveness. 2.88% 25-year fixed rate SBA 2nd TD.
- Jobs Created: 4
Two USC business school graduates and friends experienced in various real estate and business enterprises, including as principals of a large renewable energy firm, joined together to create a plan for a storage facility in El Centro, CA, the home town for one of the principals. Neither had experience in the storage industry, and the project was years in planning, finalized with the guidance of a feasibility study.
The project is developed on 4.6 acres and consists of 3 buildings totaling 84,775 SF. OF the 840 units, 85% are climate controlled which is a feature in high demand in the high temperature of the Imperial Valley. The project also includes a retail store and a unique feature – 52 units are climate controlled office suites, 26 of which offer attached drive up storage space. The office suites are used primarily for short-term space accommodating users working on projects in the area or on a seasonal basis. The project created 4 new jobs and stimulates business activity in a Labor Surplus Area.
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