Construction loan in the amount of $ 46 million for the construction of DC-Area warehouse facilities



Westbard Warehouse. Image courtesy of Talonvest Capital Inc.

Arizona-based 1784 Capital Holdings has secured $ 45.5 million in funding for Westbard Storage, a 1,560-unit high-end facility in Bethesda, Maryland. Talonvest helped structure the three-year loan, which includes renewal options and early repayment options.

According to the company’s website, the 131,559-square-foot facility that can be rented will occupy 1.37 acres at 5204 River Road. Westbard Storage will consist of one five-story building with four underground levels and will include climate control units.

The project, which is scheduled for completion in the second half of 2023, is located in the Betsheda mall, next to four other storage facilities and a mall. The hotel is approximately 7 miles from downtown Washington, DC.

Talonvest’s funding team included Jim Davis, Erich Pryor, Mason Brusseau and Tom Sherlock. Earlier this year, members of the same team helped 1784 Capital Holding close USD 22 Million Bridge Financing for a facility in Scottsdale.

Strong DC market

The Washington, DC-based warehouse sector slowed slightly in June from the previous month, when the metro market was one of the top in the country, according to a recent Yardi Matrix report.

However, Washington, DC continues to outpace the national averages. Metro rental rates are up 12 percent for 10 × 10 units without CC and 17 percent for 10 × 10 CC units over last year.

The number of projects under construction and planned totaled 9.8 percent of existing inventory, up 0.5 percent from the previous month, up 1.5 percent from the US average.

Read completely Yardi Matrix National Self Storage Report for the month of July.


Source link