The facility will comprise 106,582 net rentable square feet in 1,150 units
July 4, 2021: Magellan Value Partners (MVP) is building a facility in Azusa, California. MVP purchased the property at 1900 Avenue of the Stars in 2019. Once complete, the three-story structure plus basement will comprise 106,582 net rentable square feet in 1,150 units.
The $14.4 construction loan includes a five-year, fixed interest rate, four years of interest-only payments and limited recourse. The deal also comes with a five-year extension option and no prepayment penalty. Financing was secured by Kim Bishop, Jim Davies, David DiRienzo, Lauren Maehler and Eric Snyder of Talonvest Capital, an Irvine, Calif.-based boutique self-storage and commercial real estate mortgage brokerage.
Magellan Value Partners (MVP)based in Los Angeles, MVP specializes in acquiring and developing industrial and self-storage assets.