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Talonvest Arranges Construction and Bridge Financing for Go Store It
August 29, 2019
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, negotiated $10.27 million in financing on behalf of Go Store It, the self storage arm of Madison Capital Group, LLC, a full service real estate firm focused on acquiring and developing storage assets in the Southeast and Mid-Atlantic regions. The loans obtained included a $4.77 million construction loan in Louisville, KY and a $5.5 million bridge loan secured by a facility in Concord, NC. The construction loan is for the development of a Class A, institutional grade self storage property consisting of 62,811 rentable square feet in 661 climate-controlled units. The three-story facility is located in the heart of Southeast Louisville with visibility and access from major roads, Bardstown Road, and I-264. The five-year fixed rate construction loan was funded by a Midwestern based bank lending throughout the U.S. and featured 36 months of interest only payments and a prepayment burndown schedule. The $5.5 million acquisition-bridge loan is secured by an existing storage facility located at 2100 Derita Road, Concord, NC with 61,770 net rentable square feet in 524 units. This loan, funded by the same Midwestern bank, featured a 5-year fixed rate loan term with interest only payments for 30 months.
Ryan Hanks, CEO of Madison Capital Group, commented “Talonvest understood our goals and quickly created a lender competition that resulted in an attractively priced and structured loan. The results they delivered confirmed for us that we made the right decision in hiring Talonvest to be our mortgage advisor.” The Talonvest team members involved in this assignment included Kim Bishop and Eric Snyder.
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 nationally. The firm utilizes a unique, collaborative team approach, emphasizing the institutional knowledge and expertise gained during the past four decades by its team members, to structure and deliver better capital solutions to its clients.
About Go Store It
Go Store It, the Self-Storage arm of Madison Capital Group, has offices in Charlotte, Charleston, and Nashville. The company is focused on the development, acquisition, and management of self-storage assets throughout the Southeast. Currently Go Store It owns and manages 26 facilities totaling over 1,500,000 square feet of storage space and over 12,000 storage units. Go Store It also has another
800,000 square feet of storage space under construction totaling over 6,000 units which are expected to be completed in 2019.