Clear Sky Capital Secures $25.25M Non-Recourse Loan For Self Storage Development In Vista, CA

The asset involved in this transaction is a newly developed self-storage facility located at 510 North Avenue in Vista, CA. The property encompasses 132,695 square feet and consists of 1,484 units. The loan amount secured for this facility is $25,250,000, which is defined as a non-recourse loan.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $25,250,000
• Asset Size: 132,695 SF
• Units: 1,484
• Landlord: Marcus Kurschat - Clear Sky Capital
• Brokers: Ivan Viramontes, David DiRienzo, Britt Taylor & Lauren Maehler - Talonvest Capital
• Loan Terms: non-recourse bridge loan with interest-only payments, a 4-year term, a 1-year extension option, and prepayment flexibility after year one.

Talonvest Capital arranged the financing for Clear Sky Capital. The loan was provided by a global life insurer, marking a pivotal moment in the development of this self-storage facility.