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SAN DIEGO-Wachovia Securities has provided a $19.6-million loan to a local family trust, which has used the funds to refinance four self-storage facilities.

The financing, which was arranged by Gary Goss of Burnham Capital Markets, has paid off the balance of the construction loans on the four properties. In addition, it has afforded the borrower a 10-year, fixed-rate loan.

The borrower’s four properties have all been completed within the last 12 to 18 months, Goss tells GlobeSt.com. They have all been built in California, with two located in the Southern California cities of Glendale and Torrance and two located in the Northern California city of San Jose. The facilities encompass 104,575 sf; 62,985 sf; 95,975 sf; and 50,620 sf, respectively.

The West Coast continues to be a hotspot for self-storage development, as the region “led the nation during 2002 with nearly 45% of all self-storage construction, totaling approximately 6.2 million sf,” according to a Marcus & Millichap report. Investment is especially strong in California, with Marcus & Millichap researchers noting that a large percentage of last year’s sales occurred in this state, where the median price was $64 per sf.

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