Updated Oct 29, 2024
Madison Capital Group Secures $13.67M Construction Loan For Self Storage Development In Paramount, CA
15932 Minnesota Ave Paramount, CA 90723, USA
$13,670,000
Units
845
Asset Type
Self Storage
Closing
May 22, 2023
About this deal
AI
Byline Bank has provided a $13.67 million construction loan to Madison Capital Group for the development of an 845-unit self-storage property in Paramount, California. The project, managed by Madison Capital Partners' self-storage brand Go Store It, involves demolishing an existing industrial property on the site.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $13,670,000
- Lender: Byline Bank's Commercial Real Estate - John M. Barkidjija, Joanne Campanile, Sam Duros
- Landlord: Eric Lentz-Madison Capital Group
- Brokers: Eric Snyder, Kim Bishop & Ivan Viramontes - The Talonvest Capital
The construction loan was provided by Byline Bank, with John M. Barkidjija, Joanne Campanile, and Sam Duros from Byline Bank's Commercial Real Estate division handling the transaction. Eric Lentz, representing Madison Capital Group, is the landlord for the project. The brokering services were performed by Eric Snyder, Kim Bishop, and Ivan Viramontes from The Talonvest Capital.
On the Map
$13,670,000
Self Storage
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.16%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93