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Talonvest Closes $13.6 Million of Construction & Bridge Loans During the Market Turmoil
May 20, 2020
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, negotiated the mid-May closing of a $7,652,000 construction loan for Advantage Storage to develop a Class A storage facility at 15240 Coal Creek Road in Arvada, CO. Talonvest also successfully structured a $5,967,000 bridge loan for The William Warren Group’s late April acquisition of a recently constructed storage property at 5115 Englewood Road in Venice, FL.
Advantage Storage is developing a 73,750 NRSF, state of the art, storage property in the Denver area featuring both climate controlled drive-up units and indoor climate-controlled units, a key differentiator within the trade area. Talonvest placed the loan with a regional bank, headquartered in South Dakota. The 5-year, LIBOR based floating rate loan includes 36-months of interest only payments. After 18 months, the interest rate will be synthetically fixed utilizing a swap for the remainder of the term. Jeff Kinder, President of Advantage Storage, expressed “This was our first closing with Talonvest and they proved to us that their reputation for capital expertise in the storage industry is well deserved”.
In another assignment, Talonvest structured a life company loan for The William Warren Group’s recent purchase of a 73,455 NRSF, 100% climate-controlled, recently built, single story storage property in Sarasota County, FL. The non-recourse, 5-year, acquisition-bridge loan features a 4.5% fixed interest rate, 30 months of interest-only payments, and no financial or leasing covenants during the loan term.
The Talonvest team members responsible for these assignments included Erich Pryor, David DiRienzo, Eric Snyder, Lauren Maehler, Jim Davies, and Tom Sherlock.
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 over the past four decades by its team members, to deliver better capital solutions for its clients.