Staley Point Capital Secures $23.8 Million Mortgage for Los Angeles Storage Facility

Staley Point Capital Secures $23.8 Million Mortgage for Los Angeles Storage Facility

Los Angeles-based Staley Point Capital has successfully obtained a $23.8 million mortgage for a storage facility in Los Angeles. The real estate investment trust, Seven Hills Realty Trust, managed by Tremont Realty Capital, provided the floating-rate, three-year initial term loan for the 80,000-square-foot Extra Space Storage facility located at 2515 South Broadway, just south of Downtown L.A. JLL played a key role in advising Staley Point in this deal.

“The closing of the 2515 South Broadway loan further grows our portfolio and diversifies it into the self-storage sector,” said Tom Lorenzini, President and Chief Investment Officer of Seven Hills Realty Trust. “This Class A self-storage property is in a supply-constrained market near the University of Southern California’s main campus.”

Staley Point Capital has been making significant moves in Southern California over the past year. In January, the firm, along with its partner Bain Capital Real Estate, sold a 91,000-square-foot warehouse in the City of Industry for $38.4 million, marking a substantial profit from their initial investment. Additionally, in October, the joint venture secured a 123,000-square-foot lease for a warehouse in the City of Commerce, with third-party logistics company LAX Freight Delivery taking over the entire 7-acre property.

This story has been updated to clarify Staley Point Capital’s role as the loan borrower, with Seven Hills Realty Trust acting as the lender. Stay tuned for more updates on Staley Point Capital’s ventures in the real estate market.