ACRES Acquires $34M Self-Storage LoanJANUARY 05, 2023
Loan to Refinance Self-Storage Property in Hawthorne, CA
HAWTHORNE, CA (JANUARY 5, 2023) – ACRES announced today that it has acquired a $34 million loan to refinance Life Storage Hawthorne on behalf of its Cayman Island fund.
Located in Hawthorne, CA, the property is a 91,113 SF Class A facility with a total of 986 units. Property amenities include on-site manager, perimeter fencing and 24-hour video surveillance.
“Hawthorne’s economic environment is impacted by the greater economy of the region,” said ACRES Chief Executive Officer and President Mark Fogel. “A significant number of industrial and multifamily developments in the area demonstrated a need for self-storage facilities”
The loan was provided to 1784 Capital Holdings based in Scottsdale, AZ and was arranged by Kim Bishop of Talonvest Capital.