1784 Capital Holdings has plans to develop a class A self-storage facility in the city of Goleta, Calif.
The project received a $28.45 million senior secured loan from White Oak Real Estate Capital (WOREC). The deal marks the business’ first loan since WOREC launched as an affiliate of White Oak Global Advisors in July 2021.
The storage facility will feature 97,860 square feet of rentable space and include 1,023 units, of which 89 percent are climate controlled with the remainder consisting of highly desirable 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,” said Eric Tanjeloff, managing principal at White Oak Real Estate Capital. “This inaugural deal confirms our commitment to providing innovative financing solutions to the commercial real estate s
