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Talonvest Closes Another $19.24 Million of Financing During Market Uncertainty
June 18, 2020
Self storage and commercial real estate advisor Talonvest Capital, Inc. negotiated the late-May closing of a $10,240,000 bridge loan on behalf of York RE Capital Partners with its institutional JV equity partner as well as the early-June closing of $9,000,000 in CMBS financing on behalf of an experienced private owner-investor.
The bridge loan provided capital for the acquisition at Certificate of Occupancy of a state-of-the-art, high-quality, climate-controlled storage facility totaling 83,009 NRSF located on a primary thoroughfare in Marietta, GA. Talonvest placed the 5-year loan with a community bank headquartered in Georgia and was able to successfully procure limited recourse and 4 years of interest only payments. Alex Meshechok, President of York RE Capital Partners, expressed “Talonvest was by our side throughout the process and delivered the right lender for our project despite the market chaos.”
Additionally, Talonvest secured CMBS financing from a large national bank for the refinance of two Northern California storage facilities managed on a third-party basis by StorQuest Self Storage. The properties are located at 2412 Oakdale Road in Ceres, CA and 3201 E. Hach Road in Ceres, CA. The 10-year loans had previously gone under loan application prior to the pandemic led market turmoil. Don Payne noted “Talonvest did an incredible job representing us. They advised us through the CMBS shut down and ultimately delivered a ten year interest-only loan at a rate less than 3.9%”.
The Talonvest team members responsible for these assignments included Kim Bishop, David DiRienzo, Mason Brusseau, Lauren Maehler, Eric Snyder, and Jim Davies.
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.