White Oak Real Estate Capital provided a $28.45 million senior secured loan to 1784 Capital Holdings for the development of a class-A self-storage facility in the city of Goleta, CA. The deal marks White Oak Real Estate Capital’s first loan since it launched as an affiliate of White Oak Global Advisors in July.
The storage facility will feature 97,860 square feet of rentable space and include 1,023 units, of which 89% will be climate controlled, with the remainder consisting of drive-up units.
“The self-storage industry has established itself as an essential service for people moving their home or business during the COVID-19 pandemic and has demonstrated notable resilience in the face of economic downturn over the last 20 years,” Eric Tanjeloff, managing principal at White Oak Real Estate Capital, said. “This inaugural deal confirms our commitment to providing innovative financing solutions to the commercial real estate sector, and we are excited about our robust pipeline of financing opportunities across the industry.”
Following an expected 16-month construction period, White Oak Real Estate Capital expects the asset to benefit from existing excess demand in the five-mile trade area. The self-storage facility will be located at 10 Kellogg Ave. in Goleta, CA, along U.S. Highway 101 in Santa Barbara County and in close proximity to the University of California Santa Barbara, which enrolls approximately 24,300 students.
“Eric Tanjeloff and his talented team at White Oak Real Estate Capital are committed to efficiently utilizing their deep lending capabilities and national scope to provide competitive financing options and certainty of execution. We were most pleased with the White Oak experience and look forward to growing the relationship,” Shane Albers, CEO and founder of 1784 Capital Holdings, said.
