IN THE NEWS
Multi-State Self-Storage Portfolio Lands $47M Bridge Loan
June 28, 2018 – Commercial Property Executive
Metro Storage LLC, of Lake Forest, Ill., has received a $47.4 million bridge loan secured by a portfolio of seven self-storage facilities, according to Talonvest Capital Inc., which negotiated the loan. The self-storage facilities total about 539,000 net rentable square feet and are described as being of institutional quality. The properties only recently received their certificates of occupancy and are early in lease-up. A life insurance company funded the non-recourse, three-year loan, proceeds of which were used to retire the recourse construction financing from various commercial banks.The lender allowed a maximum 70 percent advance rate and priced the floating-rate loan over 30-day LIBOR at a competitive spread. The loan was structured with two 12-month extension options and no prepayment penalty after the 18th month of the loan term.
Talonvest, of Irvine, Calif., stated that as a result of competition for the loan, it was able to get the lender to eliminate a going-in debt yield requirement, and all proceeds were funded at closing. View Full Story.
Is self-storage boom too much of a good thing for lenders?
June 20, 2018 – American Banker
The storage wars are on in the real estate world, as is the debate about whether banks will emerge victorious or with wounded loan books. Commercial loan demand has been in a prolonged holding pattern, so any loan category with vibrant growth characteristics was bound to attract bankers. Lately that category has been financing self-storage facilities, as many Americans shift from single-family homes to apartments but are still carrying as much stuff as they always have. The economics of the self-storage industry are attractive. After initial construction costs, self-storage facilities require little overhead. Customers rarely move out if rent increases. And a self-storage business can be structured as a real estate investment trust, providing the owner with tax benefits. No wonder bankers have rushed in to make loans for self-storage construction. View Full Story.
Walk This Way
April 30, 2018 – Orange County Business Journal
More than 2,500 volunteers from the Orange County community laced up their shoes in support of critically ill children and their families at this year’s Orange County Ronald McDonald House Walk for Kids. This years walk took place at the Honda Center and featured family-friendly carnival games, activities, Kid Zones, food, music and more. The walk raised $298,000 to support families who must travel outside their communities to access medical treatment for their critically ill children at local hospitals. Talonvest Capital was the top donor, its team members raising $38,000. Proceeds support the Orange County Ronald McDonald House, which last year provided a second home to more than 800 families. View Full Story.
Talonvest Secures $7M Acquisition Loan
March 22, 2018 – Multi-Housing News
Talonvest Capital has arranged $7.1 million in financing for the acquisition of a 42-unit community in Van Nuys, Calif., on behalf of Multifamily Investment Partners LLC. The three-year floating rate loan is priced at a low spread over LIBOR with interest-only payments during the initial term, provides for two 12-month extension option and it may be prepaid without penalty. The financing was secured through a local California state bank. View Full Story.
Talonvest Capital Secures Acquisition Bridge Loan for NorCal Business Park
February 7, 2018 – Yahoo Finance
Talonvest Capital, Inc. successfully negotiated and structured an $18 million acquisition-bridge loan secured by Eden Landing, a 195,044 square foot, 10-building business park in Hayward, CA on behalf of CIP Real Estate. The non-recourse bridge loan was funded by a national banking institution and priced at LIBOR plus 2.50% with interest only payments during the initial three-year term. Prepayment flexibility and extension options were also negotiated for the borrower. Bob Strom, Principal of CIP Real Estate, commented, “Based on experience, we know Talonvest tenaciously protects our time and money throughout the lender competition, underwriting, due diligence, and closing processes. They don’t stop working until after the loan funds.” The subject loan closed in six weeks. View Full Story.
Talonvest Obtains $11.5 Million Construction Loan for New Storage Development
January 25, 2018 – Nasdaq GlobeNewswire
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, secured a $11,537,500 construction loan on behalf of Palatine Capital Partners for the ground up development of a Class A institutional grade self storage facility. The property has exceptional visibility, is well located, and will be a climate-controlled, state-of-the-art, multi-story facility with approximately 70,000 rentable square feet. The financing was structured with a Midwestern-based regional bank lending on self storage properties nationally. Alex Hurst, Founder and Managing Partner of Palatine, shared “We felt confident that we got the best available financing because of Talonvest’s thorough vetting of the market and their vast experience financing storage properties.” The Talonvest team responsible for this assignment included Jim Davies, Erich Pryor, Tom Sherlock, and Terra Hendrich. View Full Story.
Talonvest Capital Procures Refinance Loan for Class A Office Building
January 3, 2018 – Markets Insider
Talonvest Capital, Inc. successfully negotiated and closed an $18.25 million bridge loan to refinance a maturing bank loan and provide additional funds for tenant improvements and leasing costs at Emerald Lake Corporate Centre in Carlsbad, CA. The non-recourse, LIBOR based floating rate loan, provided by a private commercial real estate finance company with discretionary capital, has a two-year initial term with extension options for an additional three years. Scott Brusseau, President of Newport National Corporation, commented, “The Talonvest team utilized its capital market expertise and vast lending network to quickly deliver the right lender with good terms and the ability to close in a timely manner.”
View Full Story.
Devon Self Storage Acquires 3-Property Portfolio in Ottawa County, MI
January 2, 2018 – Inside Self Storage
Devon Self Storage, a California-based operator that owns or manages 46 facilities nationwide, has acquired a family-owned portfolio consisting of three properties in Ottawa County, Mich. The sites comprise 212,668 square feet of rentable space in 1,296 units and 47 vehicle-parking spaces, according to the source.The acquisition includes Lakewood Self Storage Center at 257 W. Lakewood Blvd. and Felch Street Self Storage at 12285 Felch St. in Holland, Mich. The third facility is Georgetown Mini Storage at 7062 12th Ave. in Georgetown Township, Mich. The deal positions Devon in two underserved submarkets in West Michigan with “well-maintained” properties that “will require nominal capital improvements,” according to a company statement. The purchase was made with a $9.1 million loan facilitated by Talonvest Capital Inc… View Full Story.
Talonvest Arranges a $13.4M Loan for State-of-the-Art Storage Facility
November 15, 2017 – Yahoo Finance
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, successfully negotiated a $13,400,000 conduit loan to refinance Goodfriend Self Storage on behalf of venture partners, Post Management and Clark Investment Group. The state-of-the-art facility is located at 4301 Tonnelle Avenue, North Bergen, NJ… View Full Story.
Middle Market Digest: Southwest – Talonvest
November 14, 2017 – GlobeSt.com
Talonvest Capital has funded a $21.4 million refinance loan for
Bascom San Francisco’s fully renovated LUXE 1801 Apartment Homes. The
109-unit garden style apartment community located at 1801 W. Garvey Avenue in
Alhambra, CA, a non-rent controlled city in Los Angeles County near downtown
LA and Old Town Pasadena, was acquired in October 2015 and has undergone
significant interior and exterior improvements… View Full Story.
Talonvest Secures $10.1 Million of CMBS Loans with Full Term IO Payments
September 22, 2017 – MarketWatch
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, successfully negotiated $10.1 million of long-term, fixed rate, non-recourse loans secured by two properties for The William Warren Group. One facility is a 76,298 square foot, 618 unit, storage facility located a 2401 Barcelona Lane in Tallahassee, FL. The property was built in 2008 and is conveniently located at the Publix Shopping Center off Capital Circle SE at Blairstone Road. Amenities include a U-Haul truck rental, 24-hour digital security monitoring, electronic gate access, drive up access, business center, and packaging supply merchandise. The other facility is a 75,100 square foot property with 682 self storage units located at 9240 N. 67th Avenue in Glendale, AZ. Amenities at this facility include RV/boat storage, gated access, 24-hour digital security monitoring, drive up units, and packaging supply merchandise… View Full Story.
Bascom Expands CA Footprint With $17M Buy
September 20, 2017 – Multi-Housing News
Bascom Group LLC purchased Casanova Grove Apartments, a 76-unit infill apartment community in Monterey, Calif. The property traded for $16.7 million or $217,737 per unit in an off-market deal. Anthony Lugo represented the buyer, while Talonvest Capital’s Erich Pryor and Thomas Sherlock arranged the loan from NXT Capital… View Full Story.
JV Equity and Construction Financing Structured for NorCal Development
August 15, 2017 – Marketwired
Talonvest Capital, Inc., a boutique self storage and commercial advisory firm serving clients throughout the country, is pleased to announce the successful funding of joint venture equity and construction financing for the $12 million development of Petaluma Self Storage, an approximate 75,000 net rentable square feet, Class A facility situated on a 1.9-acre parcel on Petaluma Blvd. in Petaluma, CA… View Full Story.
Conference Summits a Sure Bet
August 10, 2017 – SSA Globe
Economic Summit on Tuesday, September 5, 1–4 p.m., features panels on “Capital Strategies” and “Investment & Revenue Strategies.” Keynote speaker Ryan Burke of Green Street Advisors is one of the most respected analysts covering the storage industry, according to Jim Davies of Talonvest Capital, Inc. Davies and Talonvest have spon- sored the Economic Summit ve times and pride them- selves on creating an exciting curriculum, making this a not-to-miss event… View Full Story.
Self-Storage Lenders Become “Risk Aware”
June 26, 2017 – Sparefoot StorageBeat
Money to build new storage facilities is still available, but may be harder to come by for some.
Construction financing that commercial real estate advisory firm Talonvest Capital Inc. recently arranged for two big players in self-storage is a sign of the changing financial times.
Tom Sherlock, principal of Talonvest, said the seven construction loans Talonvest obtained for The William Warren Group and Metro Self Storage — four loans for William Warren and three for Metro — came from four banks. Just a year ago, those $61.9 million in loans could have been secured from one or two banks, he said. . View Full Story.
Talonvest Arranges Financing of Self Storage Development
June 8, 2017 – Mini-Storage Messenger
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, recently negotiated $37.8 million of construction financing for The William Warren Group and $24.1 million of construction loans for Metro Self Storage. Reflective of the changing market environment, the seven individual loans were funded through four different banking institutions. View Full Story.
Talonvest Capital Recognized as Top Corporate Fund Raising Team for Third Consecutive Year at “Walk for Kids”
April 20, 2017 – Yahoo Finance
Talonvest Capital, Inc., a boutique commercial and self storage real estate advisor, received the 2017 Top Corporate Fund Raising Award for the third consecutive year from the Orange County Ronald McDonald House at the recent 5K “Walk for Kids”. Talonvest’s ongoing support enables the Orange County Ronald McDonald House and Ronald McDonald Family Rooms to provide a “home away from home” for families of children receiving treatment in Orange County hospitals.
Ronald McDonald House Charities (RMHC), with the support of Talonvest and other corporate and individual donors, offers programs and provides services to approximately 800 children and their families in Orange County each year. View Full Story.
Capital Spigot Still Open for New Storage Construction in 2017
April 17, 2017 – Sparefoot StorageBeat
“Larger operators with full pipelines focused on nationwide development are opting for money center banks that will follow them around the country or regional banks who can work nationally,” said Eric Snyder, a principal of Talonvest Capital Inc., a boutique self-storage and commercial real estate advisory firm.
Talonvest structures and negotiates construction loans, and the firm also has arranged approximately $34 million on JV equity for storage developments during this development cycle. View Full Story.
Talonvest Negotiates $28M Loan for San Diego Office Asset
February 7, 2017 – Commercial Property Executive
San Diego—Talonvest Capital Inc. has negotiated the funding of a $28 million bridge loan for the value-add acquisition of Summit Pointe in San Diego for Newport National Corp. The loan structure featured interest-only payments for the full three-year term, two one-year extension options and individual release provisions for maximum borrower flexibility. Talonvest negotiated the loan with Mesa West Capital. View Full Story.
Talonvest Structures Four More Self Storage Construction Loans
January 20, 2017 – Yahoo Finance!
IRVINE, CA– January 20, 2017 – Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, recently structured and negotiated over $36 million of construction loans for various self storage owners. The financing assignments included a $13.35 million ground up construction loan for the development of a 101,000 square foot self-storage facility on a 2.39 acre site in the greater Los Angeles area; a $10.15 million construction loan for the development of a 100,000 square foot self storage facility in the San Diego area; $6.8 million of construction financing for the conversion of a former grocery store into a two story, Class A self storage facility in Carrollton, Texas; and a $6.4 million construction loan to convert a former warehouse into a 72,700 square foot climate controlled self storage facility in Denver, Colorado. View Full Story.
Talonvest Negotiates Bridge Acquisition Loan for 204,900 Sq. Ft. Business Park
October 13, 2016 – Yahoo Finance
IRVINE, CA– October 13, 2016 – Talonvest Capital, Inc. is pleased to announce the
successful funding of a $16,140,000 non-recourse, four-year, bank balance sheet,
bridge loan for the value-add acquisition of Whitehall I & II in Charlotte, NC. The loan
structure featured a low interest rate with interest-only payments for the full term, future
advances for leasing related costs, and individual release provisions for maximum
borrower flexibility. The Class A multi-tenant industrial and flex property includes two
buildings with a total of 204,900 square feet located within the 700 acre Whitehall
Master Plan in the Southwest Charlotte submarket. View Full Story.
$58M Loan Negotiated for 21 Property Self Storage Portfolio
October 11, 2016 – MarketWatch
Oct 11, 2016 — IRVINE, CA– Boutique self storage and commercial real estate
advisor Talonvest Capital, Inc. recently orchestrated a competitive bid among a
variety of lenders for a $58 million loan secured by a portfolio of 21 properties
located in Texas, Tennessee, California and Wisconsin. While banks, life
companies, and CMBS lenders were considered, the loan was structured and
closed with a large, national bank. The financing was completed on behalf of
Devon Self Storage, one of the top private self storage operators in the country,
and their institutional JV equity partner. View Full Story.