Talonvest Negotiates $65 Million Bridge Loan for Multi-State Portfolio on Behalf of Established Sponsor
May 2, 2023 — Irvine, CA
Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, is thrilled to announce the closing of a $65,000,000 non-recourse bridge loan for a seven-asset self storage portfolio located in Texas, Florida, and North Carolina. The loan, secured on behalf of a joint venture between Andover Properties and Angelo Gordon, was funded by a global real estate investment management firm.
The portfolio has five physically stabilized properties and two lease-up assets and included several nuances, including recently completed and to-be-completed expansions. The properties are in high-visibility locations within growing markets and total over 597,000 square feet across 3,963 units.
Brian Cohen, CEO of Andover Properties, commented, “We consider Talonvest to be a trusted and integral partner in our business. Their track record of successfully securing favorable terms for our deals, regardless of complexity, is invaluable, and their dedication to the process makes working with their team seamless and collaborative.”
The Talonvest team members responsible for this transaction included Kim Bishop, Jim Davies, Tom Sherlock, Mason Brusseau, and Lauren Maehler.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm providing advisory services to self-storage and commercial real estate investors, owners, and developers throughout the United States. The firm utilizes a collaborative team approach, emphasizing the team member’s institutional knowledge and expertise gained over the past four decades to structure superior capital solutions for its clients.
About Andover Properties
Andover Properties is an investment firm that owns, operates, and develops commercial property throughout the United States, with a focus on alternative real estate asset classes such as self storage, manufactured housing, RV parks, and car washes. Andover is one of the largest private owner-operators of self storage facilities in the United States, with a current portfolio that totals over 12 million square feet across 156 facilities in 18 states operating under its Storage King USA brand. www.storagekingusa.com.
About Angelo Gordon
Angelo Gordon is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $53 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
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