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IN THE NEWS
Talonvest Arranges $112M Self Storage Loans
December 27, 2021 – Multi-Housing News
The William Warren Co. landed the largest financing of $60 million for a six-property portfolio.
Talonvest has helped structure a total of $111.5 million in permanent financing on behalf of several self storage clients. The firm has arranged four separate loans for a six-property portfolio and three additional facilities in Chicago, Texas, and Illinois.
The William Warren Co. has closed on the largest financing deal, amounting to $60 million for a collection of six properties in California, Texas, and Nevada. The seven-year loan has five years of interest only payments. The assets total 542,483 net rentable square feet and include a 73,128-square-foot facility at 2340 Maritime Drive in Elk Grove, Calif. The 2002-built property is operating under the company’s StorQuest brand. Storage spaces include climate-controlled units and range between 12 and 300 square feet.
A private investor received a $34 million refinance loan with 10 years of interest only payments. The financing was arranged for a 143,409-net-rentable-square-foot storage facility in Richmond, Calif. The property at 321 Canal Blvd. offers 1,114 non-climate-controlled units and 468 climate-controlled units. Storage spaces include 224 drive-up access units.
The Jenkins Organization obtained a 10-year refinancing of $10 million. The full-term, interest-only fixed-rate loan is for a facility at 1864 Independence Drive in New Braunfels, Texas. Built in 2017, the property offers 80,555 net rentable square feet across three two-story buildings. The facility has 584 units. Storage spaces include climate-controlled options and range between 25 and 300 square feet.
Chicago Capital Funds received a $7.5 million loan for a facility in Elmhurst, Ill. The 10-year non-recourse refinancing includes an interest only payment period. According to Yardi Matrix, the facility is a three-story building at 877 IL-83. The property offers both climate- and non-climate-controlled units ranging from 25 to 350 square feet and includes RV and boat parking spaces. The property operates under the U-Stor-It flag.
Talonvest Closes $118M Bridge Loan for NY Assets & Hires More Professionals
October 4, 2021 – GlobeNewswire
Talonvest Capital, Inc., a boutique self storage and commercial advisory firm successfully negotiated a $118,265,000 refinance loan for a Class A self storage portfolio with assets located in the densely populated areas of Yonkers, Brooklyn, White Plains, and Long Island City in New York. Clutter, Inc. owns the four-property portfolio with 320,819 net rentable square feet in 5,148 units, 115 parking units totaling 15,890 NRSF, and an additional 12,380 NRSF of commercial space. The non-recourse, low floating rate bridge loan was funded by a global investment management firm and featured a 3-year initial term. Flexibility was created for the borrower via partial release provisions, prepayment flexibility, and two loan extension options. Anna Siradze, Head of Self Storage Acquisitions at Clutter, stated “The level of support we received from Talonvest in managing and executing the lender process was phenomenal. We truly benefited from partnering with a team that understood our needs and kept our best interest in mind.” Ryan Stroud, Manager of Real Estate Investments at Clutter, added “Talonvest brought exceptional sector experience and relationships to the table, continually advocating for Clutter and keeping negotiations on track throughout the financing process.” The Talonvest team responsible for this assignment included Jim Davies, Kim Bishop, Eric Snyder, David DiRienzo, and Tom Sherlock.
Talonvest is also pleased to announce the recent hirings of Ivan Viramontes and Thalia Tovar as Analyst and Associate, Loan Administration respectively to support the firm’s expanding business with experienced real estate owner-operators and the development of more institutional clients. Mr. Viramontes’ responsibilities will include underwriting, financial analysis, and market research for self-storage, commercial, and multifamily assignments. He previously worked with WD Land, a full-service land brokerage and advisory firm, and is a Cal Poly-Pomona graduate. In her Loan Administration role, Ms. Tovar is responsible for orchestrating the due diligence and loan closing process for Talonvest’s clients. Thalia has a background in residential transactions, manufactured/mobile home transactions and investments, real estate lending and underwriting. “Ivan and Thalia are driven, team-oriented professionals with a passion for delivering value to our clients and their financings” shared Tom Sherlock, Co-Founding Principal of Talonvest Capital.
Talonvest Arranges $46M Construction Loan on Bethesda Storage Facility
July 26, 2021 – ConnectCRE
Talonvest Capital, Inc. and its client, 1784 Capital Holdings, have closed a $45,500,000 construction loan for the ground-up development of a self-storage facility in Bethesda, MD. The loan from an institutional investment firm’s lending platform features a competitive interest rate, a three-year loan term with an extension option, and prepayment flexibility.
The property will consist of 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units on nine levels. It will be located adjacent to destination retail, commercial services, high-rise luxury apartments, and condominium buildings.
Shane Albers, chairman and CEO of 1784 Capital Holdings, said, “Talonvest was tenacious in keeping this loan moving forward and successfully negotiated several key points, which allow us to maintain key project performance metrics in this rising commodity price environment.”
The Talonvest team members responsible for this assignment included Jim Davies, Erich Pryor, Mason Brusseau, and Tom Sherlock.
Talonvest Negotiates $16M Loan for Two Self-Storage Facilities in Oregon, Washington
July 8, 2021 – RE Business Online
Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties.
The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018.
Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.
Talonvest Capital Raises $62,425 at the ‘Virtual’ Walk for Kids and wins Top Corporate Fund-Raising Team
May 28, 2021 – Mini Storage Messenger
The Orange County Ronald McDonald House recently recognized Talonvest Capital, Inc. with its Top Corporate Fund-Raising Award for the 2021 Walk for Kids event. This is the seventh consecutive year Talonvest has received this honor. The 2021 Orange County Virtual Walk for Kids raised over $204,000 which will help cover the cost of the House operating at full capacity (20 rooms/80 guests) for 64 days and the Talonvest Team was responsible for raising over $62,000 of the total. Despite its virtual platform, the annual charity event was a huge success and will directly impact the House’s goal to create an environment where children and their families embrace life and healing with a sense of hope, enthusiasm, courage, and joy!
Talonvest’s financial involvement with the Orange County Ronald McDonald House Walk for Kids is supported by its clients, capital providers, associates, friends, and families. Receiving the 2021 Top Corporate Fund-Raising Award was possible through the contributions made by firms such as 1784 Capital Holdings, Clark Investment Group, Jerome A. Fink Foundation, The William Warren Group, and SoCal Self Storage as well as many others.
“Just as our doors never closed during the public health crisis, Talonvest’s support never wavered. Their outstanding fundraising efforts have allowed us to continue to serve families who are in desperate need of help,” said Noel Burcelis, Executive Director, Orange County Ronald McDonald House.
Examining the Self Storage Financing Landscape With Talonvest Capital
May 12, 2021 – Multi-Housing News
An Interview with Co-founder Tom Sherlock on the current financing landscape and what makes the self storage sector appealing.
While COVID-19 challenged many commercial real estate sectors, self storage is still riding tailwinds. Benefiting from pent-up demand, rental rates have substantially improved throughout 2020. As we further move into 2021, the sector continues to see strong growth across the country, offering attractive investment opportunities for industry players.
Tom Sherlock, co-founder of Talonvest Capital, discussed with Multi-Housing News what makes self storage an appealing investment option and what are some of the viable financing options for borrowers. Sherlock also talked about the company’s recent expansion into the East Coast and revealed his top three predictions for the future of self storage.
Talonvest Continues to Grow and Establishes an East Coast Presence
April 22, 2021 – Yahoo Finance
Talonvest Capital, Inc., a boutique mortgage brokerage firm serving commercial and self storage owners throughout the United States, is pleased to announce that John Chase has joined the firm as Senior Director – Business Development. Mr. Chase is responsible for sourcing self storage and commercial financing assignments on behalf of experienced, respected real estate owners and will operate out of the firm’s new Annapolis, MD area office.
In collaboration with other members of the Talonvest team, John will oversee the structuring of superior capital solutions to grow trusted advisor relationships with new clients in the eastern United States. Over the course of his 35+ year commercial real estate finance career, John has closed financing assignments throughout the country on a variety of asset types including self storage, industrial, multifamily, mobile home rental communities, office, and retail.
Talonvest completes $116m self-storage portfolio financing
April 21, 2021 – Property Funds World
ASB Real Estate Investments (ASB) and Talonvest Capital have announced the USD116 million financing of ASB’s stabilised Self-Storage Portfolio I through a three-year, floating-rate loan negotiated by Talonvest Capital and provided by Invesco Real Estate.
ASB executed the financing on behalf of its Allegiance Real Estate Fund, a USD7.3 billion core vehicle.
In 2018 in partnership with the William Warren Group, Allegiance acquired this 10-building portfolio, located in Phoenix, Denver, San Diego, Los Angeles, Jersey City, and on Long Island, NY. Comprising 9,821 units and 785,000 square feet of space, the recently developed, state-of-the-art portfolio is 90 per cent occupied. In addition, ASB also owns, in partnership with the William Warren Group, 12 more recently developed self-storage buildings with 11,115 units and over 936,000 rentable square feet of space in New York, Miami, Portland, Los Angeles, Seattle, San Diego and Phoenix. These properties have state-of-the-art security, design and finishes, which cater to discerning users of modern self-storage.
Talonvest Negotiates $54.3 Million of Financings
February 11, 2021 – Yahoo Finance
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, closed an $11,100,000 bridge loan on behalf of All Stor Woodland, Ltd, an affiliate of Endeavor Real Estate Group, the largest commercial real estate firm in Central and South Texas. The recently constructed property opened in April 2019 and features two floors of ground level access as it is built into a hillside, a feature providing tenants with greater convenience while providing for rental rate premiums. The non-recourse, 5-year loan with two years interest only payments and a step-down prepayment schedule was provided by a life insurance company lender and included reserves to facilitate economic stabilization of the asset.
David Roberts, Chief Financial Officer of Endeavor Real Estate Group, stated “This financing represents our first experience working with the Talonvest team. Their management of the loan approval process, due diligence, and closing process exceeded our expectations.” The Talonvest team members responsible for this assignment included Eric Snyder, Kim Bishop, David DiRienzo, Lauren Maehler, and Jim Davies.
Talonvest Negotiates $29.1M Bridge Financing on 4 North Carolina Properties
January 21, 2021 – GlobeNewswire
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, orchestrated the $29,090,000 refinance of Madison Capital Group’s four property portfolio located in Arden, Asheville, Charlotte and Wilmington, North Carolina.
Madison Capital Group engaged Talonvest to secure bridge financing for four recently built, Class A, state-of-the-art, self storage properties. The portfolio includes a mix of 2,355 climate controlled and non-climate-controlled units and totals 255,064 square feet. All four properties benefit from their respective proximity to nearby single-family/multi-family residential housing and retail centers.
Talonvest negotiated the loan with a life insurance company lender and delivered non-recourse, 5-year fixed rate financing with no lease up covenants. Ryan Hanks, CEO of Madison Capital Group, commented “We have hired Talonvest over and over because of their proven expertise in structuring debt. They continually deliver results that exceed our expectations.”
Talonvest Closes $15.65 Million Bridge Loan for MA Property
January 6, 2021 – Global Banking & Finance Review
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, represented Westport Properties, Inc, and their institutional JV equity partner Heitman, in the negotiation of a $15,650,000 bridge loan for the acquisition of a recently constructed storage property in Needham, MA. The three-year, non-recourse, floating rate, bridge loan featured a low 4% start rate with interest-only payments for the term, two one-year extension options, and included interest and operating reserves.
The facility was built in 2020 and includes 92,500 NRSF in 970 storage units on a 1.90-acre site. It benefits from several high-income single family and multifamily communities, as well as high traffic retail, that surround the subject. The immediate trade area is densely populated and about 10 miles west of downtown Boston.
Most importantly, Talonvest was able to successfully negotiate for no lease up covenants during the loan term despite the early lease-up status of the asset. The loan closing was achieved less than 45 days after signing the loan application. Drew Hoeven, Chairman & CIO of Westport Properties, Inc., stated, “The level of attention and guidance Talonvest brought to our financing need was unique. They approached the assignment as if they owned the asset and delivered an excellent loan.” The Talonvest team members responsible for this assignment included Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler, and Jim Davies.