Talonvest Capital Negotiates $60.6 Million of Storage Financings
Irvine, CA – Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor serving clients throughout the United States, recently successfully structured, negotiated, and closed self-storage acquisition and refinance assignments totaling over $60 million. Security Self Storage hired Talonvest to procure $42,050,000 in financings for a Kansas portfolio, a Texas portfolio, and stand alone assets in Colorado and Georgia. The non recourse, fixed rate loans provided cash out to the ownership and were funded by a U.S. based banking giant. Steve Clark commented, “Talonvest has decades of experience in self storage finance, but they really differentiate themselves through personal attention and the trusted advisor relationships built by the principals of the firm. ”Talonvest principals Tom Sherlock and Jim Davies, along with Laura Bogart of Talonvest, were responsible for the successful placement and funding of these loans. Additionally, Zeune Construction & Development hired Talonvest to represent their interests in a self storage financing, after having had a successful interaction on a portfolio last year. This assignment was for a $4,425,000 loan secured by a Michigan facility. A competitive bid was orchestrated on behalf of the client, resulting in a maximum leverage loan with an aggressive debt yield. Eric Snyder, a Talonvest principal, was responsible for creating and managing the bid situation, and Laura Bogart managed the closing process. Finally, Simply Self Storage also came back to Talonvest with another portfolio acquisition financing assignment; this time for the 21st Century portfolio with assets in New Jersey and Maryland. $14.2 million of acquisition financing was funded by a European bank on a 5 year term with a fixed rate and interest only payments for the full loan term. Tom Sherlock and Jim Davies were successful in negotiating the full term interest only provision as a well as a relatively high loan to value ratio, advantageous cash management provisions, and partial releases for the new ownership. Sherlock commented that “the increased level of competition for permanent loans is best evidenced by the fact that the lender who financed this borrower’s prior portfolio acquisition didn’t even make it to the top four finalists for this loan. ”Davies added, “the competition resulted in millions of additional loan dollars with a 0.25% lower rate and a longer interest only period than originally offered by the lender for the prior portfolio acquisition.”
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 throughout the United States. The principals of the firm have over 75 years of combined experience structuring loans and equity investments for office, industrial, retail, and apartment properties. In addition, they have established a dominant niche position in financing self storage properties across the country.
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