Thorofare Capital has funded a $21. 5 million ground up construction loan for the development of Woodley Avenue Self-Storage, which totals 99,456 SF situated on 1.61 acres in Van Nuys, California.

The sponsor acquired, assembled and entitled the development site over a period of ten years, resulting in a significant amount of value appreciation to the fully-approved project.

DAI General Contracting will serve as the project’s GC and the sponsor plans to engage a national self-storage REIT as a professional third party manager upon the project’s completion.

Woodley Avenue Self-Storage will be a class A, 100%-climate-controlled facility offering 1,171 units across three stories.

The project is located on a highly-trafficked intersection in the most populous sub-market of the San Fernando Valley.

Subject property is located in the Pacific Division, which achieved the highest average occupancy, as well as the highest average rent for climate-controlled units according to a study performed by Newmark.

The non-recourse, interest-only loan carries an initial term of three years with additional extension options, a flexible prepayment option and includes a future-funded construction costs holdback.

The sponsor is a Los Angeles-based private investment group that has retained an established general contractor, a well-regarded architect and will implement the use of a public REIT manager upon commencement of operations.