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Talonvest Closes $8.64 Million 10-Year Interest Only Loan
July 29, 2020
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, negotiated a CMBS refinance loan for Seaview Financial on Sundance Self Storage, a 96,765 NRSF facility located at 1351 Baseline Road in Roseville, CA. The $ 8,640,000 non-recourse loan featured ten years of Interest Only payments, cash out, and an upper 3.0% fixed rate loan. Built in 2003, the property consists of 688 drive-up storage units and offers 24/7 security with entry gate, door alarms, keypad entry, a complimentary moving truck, and tenant protection plans. It is well positioned on a primary east-west thoroughfare in Roseville, a rapidly growing suburban submarket within the Sacramento MSA.
The loan application was originally signed prior to the pandemic influenced CMBS market shut down. Talonvest was able to keep all parties engaged during the past 120 days and orchestrated a loan funding as soon as the lender began closing loans again. Dennis Spangler, Managing Member of Amador Properties, LLC, commented, “Talonvest’s continuous efforts resulted in a loan that will help provide us with a decade of strong cash flow.” The Talonvest team responsible for this assignment included Erich Pryor, David DiRienzo, Lauren Maehler, Jim Davies, 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 over the past four decades by its team members, to deliver better capital solutions for its clients.