Tremont Realty Capital has recently announced the successful closing of a $23.8 million loan for the recapitalization of 2515 S Broadway, an 80,000-square-foot self-storage facility located in Los Angeles and branded as Extra Space Storage. The lender for this transaction is Seven Hills Realty Trust, managed by Tremont Realty Capital.
This first mortgage bridge loan has a three-year initial term with two one-year extension options. JLL introduced Tremont to this opportunity through their advisory services to Staley Point Capital, the sponsor based in Los Angeles.
According to Tom Lorenzini, Senior Vice President at Tremont and President of Seven Hills: “The completion of this loan further expands our portfolio and diversifies it into the self-storage sector.” This Class A property is situated in a market with limited supply near USC’s main campus. With ample investment liquidity and a strong pipeline ahead, we remain focused on identifying attractive opportunities for originating new loans while generating favorable risk-adjusted returns for our shareholders.
This recent refinancing success highlights the continued growth potential within Southern California’s real estate market.
