Byline Bank’s Commercial Real Estate team has provided a $13.67 million construction loan to Madison Capital Group, a Charlotte, NC-based real estate developer with offices in Newport Beach, CA.
Madison Capital Partners will use the funds to develop a new construction self-storage property, located at 15932 Minnesota Ave. in Paramount, California (Los Angeles County). The infill project will total 845 units, including 841 temperature-controlled units and 4 non-temperature-controlled units. The property will be managed by Madison Capital Partners’ self-storage brand Go Store It. Madison will demolish an existing and obsolete industrial property on the site to make way for the self-storage facility.
“Los Angeles has a vibrant self-storage market,” said John M. Barkidjija, Executive Vice President of Byline’s Commercial Real Estate and Specialty Finance Group. “Vacancies remain low and rent growth continues to make this sector attractive.”
Joanne Campanile, Sam Duros and Ana Garcia of Byline Bank managed the loan transaction on behalf of the borrower, working directly with Eric Lentz of Madison Capital Group Holdings. The Talonvest Capital Team of Eric Snyder, Kim Bishop and Ivan Viramontes brokered the deal.
About Byline Commercial Real Estate Group
Byline’s Commercial Real Estate Group, headquartered in Chicago, IL, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicago area and nationwide for tier-one real estate investment and development customers. Since 2014, the team has closed over $6.5 billion of loans for its target market, focusing on multi-family (including student housing), industrial, self-storage and office properties. For more information visit: www.bylinebank.com/commercial-real-estate.