$8,490,000 | Terrapin Investments

Property: Petaluma Self Storage Development
Location: Petaluma, CA
Description: Development of an approximate 657 unit, 78,000 square foot, state of the art storage facility consisting of one, three story building and one, single story building located on a 1.8 acre land parcel adjacent to Highway 101 freeway in Petaluma, CA.
Loan Type: Construction
Lender: National Bank

Client Benefits:

  • 4-year term provides comfortable time period to stabilize occupancy
  • Extension option available to minimize future refinance risk
  • LIBOR floating rate to maximize the investor’s IRR