Thorofare Capital has funded a $2,750,000 bridge loan for the refinancing of a portfolio of three self-storage facilities in California’s Central Valley. The three properties, located in Manteca, Winton and Salinas, were bought together in 2005 for $6,450,000 when they were approaching a loan maturity default.

Between the purchase down payment, property taxes, and property improvements, the borrower and his limited partners have invested over $5,000,000 of cash into the project. The combined NOI of the three properties exceeded $353,000 per year, which equates to a 12.8% debt yield. The sponsorship group is led by two experienced real estate owners and developers based in California.

Bridge Street Warehouse Self Storage is a 140-unit self-storage property situated on a 1.72-acre site located at 1 and 3 Bridge Street in the City of Salinas, Monterey County, California. The subject consists of a partial two-story self-storage building and two single-story self-storage buildings. The original improvements were reportedly constructed more than 100 years ago, but were renovated and converted to self-storage use in 1985.

All of the units are non-climate controlled units. Additionally, there are no outside storage units (for RV’s, boats, etc.). Of the 140 units, 22 of the largest units are leased as warehouse spaces, while the remaining units are traditional self-storage units. The complex was 44.3% occupied and presents significant upside through capital improvements, leasing, and improving market conditions.

Manteca Self Storage is a 779-unit self-storage facility located at 1654 N. Main Street in Manteca, California. The unit mix indicates there are 779 units, but there are approximately 311 elevated storage lockers (3x3x3) that require a ladder to access. These units are atypical for the market and less than 50 have never been leased. The property consists of a single, two-story building with all storage units located inside this building. The improvements were developed in or about 1985 and are situated on a 1.53-acre site. The property was 48.7% occupied and is considered to be in fair overall condition. Unique property characteristics are the two-story, 100% interior access to all units.

Sunset Self Storage is a 353-unit self-storage facility located at 6089 Winton Way in Winton, California. The property consists of eight one-story buildings. The improvements were developed from 1993 to 2002 and are situated on a 2.70-acre site. The property was 60.6% occupied and is considered to be in average overall condition. The sponsor planned to initiate a capital improvements plan and an aggressive marketing effort to lease up vacant space in order to stabilize the property prior to refinancing with a permanent loan.