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Talonvest Obtains $16.5 Million Loan for Class A Facility in Norwalk, CT
February 20, 2020
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, negotiated a $16,486,000 refinance bridge loan for TVG Partners and their JV equity partner, Clark Investment Group, the largest provider of private equity capital for ground-up storage developments in the nation. Secure Self Storage, a recently constructed, state-of-the-art facility with 72,490 net rentable square feet across 766 climate-controlled units served as collateral for the loan. The property is located at 587 Connecticut Avenue, a high traffic corridor in Norwalk, CT.
Talonvest was able to structure a loan that returned all the owner’s original equity, while limiting recourse and providing additional time to achieve economic stabilization. The forty-two-month loan was priced at a low 200’s spread over LIBOR, while providing thirty-six months of interest only payments. A Midwestern based bank provided the loan.
Stephen Schwartz, Managing Partner of TVG Partners commented, “Talonvest delivered better results than we expected.” Bob Baker, President of Clark Investment Group, added, “Returning all of our equity, limiting recourse, with a low interest rate was impressive.” The Talonvest team responsible for this assignment included Eric Snyder, Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo, and Lauren Maehler.
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.