JLL Capital Markets secured life company financing to fund the 1,284-unit project in the San Diego area
News release
15 October 2025
$23.44M construction loan secured for Chula Vista self-storage development
LOS ANGELES, Oct. 15, 2025 – JLL Capital Markets announced today that it has arranged $23.44 million in non-recourse construction financing for Chula Vista Storage, a 1,284-unit, to-be-built self-storage facility in Chula Vista, California.
JLL worked on behalf of the borrower/developer, UTEX Storage Partners, to secure the four-year, floating-rate non-recourse construction loan through a top-tier life insurance company. Chula Vista Storage will be operated and managed by a best-in-class, REIT third-party management platform.
Upon delivery in 2026, Chula Vista Storage will offer 123,582 square feet of storage space within two state-of-the-art, three-story buildings. The facility will have an on-site office, security, a 24-hour surveillance system, controlled access, climate-controlled units and boat/RV storage.
The property sits on 9.35 acres near the intersection of South Bay Expy. and Eastlake Dr., approximately 12 miles southeast of downtown San Diego. The immediate area is extremely dense and affluent with more than 125,000 residents within a three-mile radius and an average household income of more than $168,000, which is more than double the national average. Chula Vista Storage is close to the residential neighborhoods of Eastlake, Cockatoo Grove and Rolling Hills Ranch and is adjacent to numerous retail centers, including Village Walk at Eastlake, Eastlake Village Marketplace and Eastlake Village Center, providing excellent visibility.
JLL Senior Managing Director Brian Somoza led the debt advisory team representing the borrower.
“Although there is still limited liquidity for non-recourse construction financing, JLL was able to use its extensive network of lenders to create a competitive process and ultimately an attractive execution for our client,” said Somoza. “The trade area has not seen a self-storage facility delivered since 2018 and is extremely underserved, positioning the property for immediate success.”
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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 $23.4 billion and operations in over 80 countries around the world, our more than 112,000 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 UTEX Storage Partners
UTEX Storage Partners is an industry leading self-storage platform led by a group of knowledgeable real estate professionals offering more than 50 years of combined experience in financial management, real estate development and investment with a self-storage specialization. Its national development and acquisition platform is unique in its depth, breadth and approach. Its team combines the investment acumen and financial sophistication of an institutional asset manager with the knowledge and entrepreneurial spirit of a local operator.