UTEX Storage Partners Secures $23.4 Million Loan For Chula Vista Storage Development In California

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.