Affinius Capital, in partnership with Axonic Capital, announced the origination of a $45.2 million loan to finance the ground-up development of Extra Space McKinnon Ave., a to-be-built, 1,600-unit, self-storage property in San Francisco.
The deal, one of only two self-storage projects entitled in San Francisco since 2002, was sponsored by Deca Cos., a San Francisco–based developer and repeat borrower of Affinius Capital. It is also the second transaction to close as part of the previously announced strategic partnership between Affinius and Axonic, which is designed to deliver mid-market first mortgage financing for new development projects.
“This transaction further reflects our expanding focus on institutional-quality self-storage assets in markets with strong fundamentals and high barriers to entry and marks another strategic collaboration with Deca Companies,” said Tyler Figley, senior vice president at Affinius Capital. “The McKinnon project’s infill loc
