Updated Oct 19, 2026
Andover Lending Provides $21 Million Construction Loan To LaTerra Development And Platinum Storage In Irving
2488 Market Place Boulevard
$21,000,000
$107/SF
Building Size
195,000 SF
Asset Type
Self Storage
Closing
Jan 14, 2025
About this deal
AI
The property involved in this transaction is a 195,000-square-foot self-storage facility located at 2488 Market Place Boulevard in Irving, Texas. It is situated near I-635 and adjacent to a future H-E-B, and is designed to be a Class-A facility featuring climate-controlled units and RV storage.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $21,000,000
- Lender: Andover Lending
- Landlord: Charles Tourtellotte - LaTerra Development
- Co-Landlord: Daniel “Skip” Elefante - Platinum Storage
- Loan Type: Construction
This construction loan has been issued to LaTerra Development and Platinum Storage to transform a former Fry’s Electronics into the self-storage facility. The multi-story design aims to serve the storage needs of Irving and surrounding communities.
On the Map
$21,000,000
$107/SF
Self Storage
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Irving Self Storage Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93