Byline Bank’s Commercial Real Estate team has provided a $13.67-million construction loan to Madison Capital Group, a Charlotte-based real estate developer with offices in Newport Beach, for the development of an 845 unit new-construction self storage property located at 15932 Minnesota Ave. in Paramount, California. The infill project will include 841 temperature controlled units and be managed by Madison Capital’s self storage brand Go Store It upon completion.
John M. Barkidjija, Executive Vice President of Byline’s Commercial Real Estate and Specialty Finance Group commented on the transaction: “Los Angeles has a vibrant self storage market with low vacancies and rent growth making this sector attractive.” Joanne Campanile, Sam Duros and Ana Garcia from Byline Bank managed the loan transaction on behalf of the borrower while Talonvest’s Eric Snyder Kim Bishop Ivan Viramontes brokered it successfully (pictured: A Go Store It facility in Cumming GA).
