ORIX Real Estate Americas announced today the closing of a $6.44 million bridge loan which will be used to convert a vacant grocery space in Chandler, Arizona, into a Class “A,” climate-controlled self-storage facility.

Once complete, the self-storage facility will house more than 1,000 units and bring a much-needed service to a densely populated area of Chandler.

“Commercial and retail shopping centers are being redeveloped in an effort to convert vacant and underperforming anchor tenants into facilities that are beneficial to the community,” said Ron Lawrie, Managing Director of Real Estate Lending and Acquisitions for ORIX Real Estate Americas. “Our extensive experience in and affinity for these types of transactions attracted us to this opportunity, and we’ll continue to look for similar deals in the future.”