Thorofare Capital has funded $4,100,000 at 65% LTC for the acquisition of 9.63 acres of land improved with 20,015 rental square feet of automotive and multi-tenant automotive uses. The transaction closed in one week of application in order for the sponsor to capture a highly discounted purchase price. The borrower’s strategy is to develop a 60,000 SF class “A” self-storage facility on the property. The borrower has extensive experience in the development and operation of self-storage facilities including 1,300,000 rentable square feet and 12,700 self-storage units in Los Angeles and Ventura Counties. The property’s current zoning permits self-storage development without discretionary approvals. The proposed self-storage facility will total approximately 76,485 net rentable square feet comprised of 710 rental units and 151 RV parking spaces. The planned facility will be of institutional grade quality construction and professionally managed by Extra Space Storage, a NYSE-listed REIT with a market cap of $4.9 billion as of July 2013.