Talonvest Capital Delivers $8.8 Million Perm Loan for Pre-stabilized Asset
September 12, 2023 — Irvine, CA
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, is pleased to announce the financing of an $8.8 million permanent loan for a recently constructed facility in Covington, WA, on behalf of Gramor Development Washington. The Cubes Self Storage facility spans 65,902 net rentable square feet with 594 climate-controlled units and 27 drive-up units and is situated in a high-barrier-to-entry submarket.
The seven-year fixed rate loan, funded by a life insurance company, offered interest-only payments for the initial two years of the term and featured an attractive LTV ratio. Talonvest secured a rate lock at application.
Cory Shelest of Gramor Development Washington commented, “We are grateful for another successful project with Talonvest Capital, who proved to be a trusted advisor and played a vital role by leveraging their deep relationships to ensure execution of financing with favorable loan terms.” Cory went on to say, “We are also appreciative of Bonavista Management for their excellent and professional management.”
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.
Subscribe to stay up to date on current trends in the perm, bridge, and construction lending market based on our real deal experiences and discussions with banks, life companies, debt funds, private lenders, and CMBS lenders.