$17.5M financing secured for Scottsdale self-storage project
JLL Capital Markets arranged the construction financing for the 98,310-square-foot, to-be-built facility located at 16136 N. Pima Rd.
PHOENIX, Feb. 29, 2024 – JLL Capital Markets announced today that it has arranged the $17.5 million construction financing for a to-be-built, Class A, self-storage facility located in Scottsdale, Arizona.
JLL worked on behalf of the borrower, Clear Sky Capital, to secure a loan through Enterprise Bank and Trust.
With an anticipated completion of Q3 of 2025, the four-story, institutional-quality facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. It will also offer a state-of-the-art security system, including an exterior surveillance system.
Situated at 16136 N. Pima Road, the site offers prominent visibility from the 101 Freeway and its approximately 112,000 vehicles per day. The project is located less than three miles from the Scottsdale Quarter and Kierland Commons, as well as over 450,000 square feet of Class A retail. The facility will benefit from Scottsdale’s current population of approximately 252,000, average household income of $142,154 and more than nine million visitors annually. In addition, there are zero self-storage projects in the development pipeline within a five-mile radius.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Kevin Mackenzie and Senior Director Jason Carlos.
“Financing self-storage construction has become increasingly challenging as a real estate alternative in recent years. In today's ever-changing landscape, success hinges on the partnership between a capable developer armed with the right tools and connections and an experienced lending partner who possesses comprehensive market knowledge and understanding,” said Carlos.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Clear Sky Capital
Clear Sky Capital, headquartered in Phoenix, AZ and founded in 2009, is a private equity investment management firm specializing in the acquisition and management of real estate investments. Since inception, the Sponsor has made over 130 investments totaling over $1.6 billion in assets under management across their self storage, car wash, manufactured housing, and multi-family platforms. More specifically, Clear Sky Capital has developed and acquired over 1.8 million square feet of self-storage assets.
About Enterprise Bank and Trust
Enterprise Bank & Trust, headquartered in Clayton, MO, operates more than 40 branch offices and loan production offices across the country. They provide a range of business and personal banking services, as well as wealth management services including financial planning, estate planning, investment management* and trust services to businesses, individuals, institutions, retirement plans and nonprofit organizations, and specialty banking, such as third-party escrow, community association (HOA), property management and SBA lending.