IRVINE, Calif., Might 20, 2020 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique self storage and industrial actual property advisor, negotiated the mid-Might closing of a $7,652,000 development loan for Benefit Storage to develop a Class A storage facility at 15240 Coal Creek Highway in Arvada, CO. Talonvest additionally efficiently structured a $5,967,000 bridge loan for The William Warren Group’s late April acquisition of a not too long ago constructed storage property at 5115 Englewood Highway in Venice, FL.
Benefit Storage is growing a 73,750 NRSF, cutting-edge, storage property within the Denver space that includes each local weather managed drive-up models and indoor climate-controlled models, a key differentiator inside the commerce space. Talonvest positioned the loan with a regional bank, headquartered in South Dakota. The 5-year, LIBOR primarily based floating price loan contains 36-months of curiosity solely funds. After 18 months, the rate of interest might be synthetically fastened using a swap for the rest of the time period. Jeff Kinder, President of Benefit 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 one other task, Talonvest structured a life firm loan for The William Warren Group’s latest buy of a 73,455 NRSF, 100% climate-controlled, not too long ago constructed, single story storage property in Sarasota County, FL. The non-recourse, 5-year, acquisition-bridge loan contains a 4.5% fastened rate of interest, 30 months of interest-only funds, and no monetary or leasing covenants through the loan time period.
The Talonvest group members accountable 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 actual property agency offering advisory providers to self storage and industrial actual property traders, homeowners and builders nationally. The agency makes use of a novel, collaborative group strategy, emphasizing the institutional information and experience gained over the previous 4 many years by its group members, to ship higher capital options for its purchasers.