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UTEX Storage Partners Secures $23.4 Million Loan For Chula Vista Storage Development In California
FINANCED
$23,400,000
California
See Similar DealsDevelopment Site
Financed 10/16/2025
FINANCED
UTEX Storage Partners Secures $23.4 Million Loan For Chula Vista Storage Development In California
Development Site
Financed 10/16/2025
Summary
Asset Type:Development Site
Transaction Type:Loan
The property involved in this transaction is a development site located at the South Bay Expressway & Eastlake Drive in Chula Vista, California. The asset encompasses a total of 123,582 square feet and is designated for development as Chula Vista Storage, which includes climate-controlled units, RV and boat storage, and 24-hour security.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,400,000
- Loan Type: Construction
- Loan Terms: Four-year, floating-rate, nonrecourse
- Landlord: Scott Wyckoff & Nathan Bennett - UTEX Storage Partners
- Broker: Brian Somoza - JLL
Scott Wyckoff and Nathan Bennett, representing UTEX Storage Partners, engaged in securing a $23.4 million nonrecourse construction loan from a life insurance company, which was arranged by broker Brian Somoza of JLL. The facility is poised to cater to various storage needs within the local market.
Players
BROKERAGE
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$23,400,000.00
Monthly NOI$156,000.00
Monthly Debt Service$147,903.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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