Talonvest Capital Secures $185,000,000 Bridge Loan
June 26 2024 - 5:59PM
Talonvest Capital, Inc., a boutique self-storage and commercial
real estate advisory firm, alongside Metro Self Storage and their
JV-equity partner, Fremont Realty Capital, are pleased to announce
the successful closing of a $185 million loan for a class A
self-storage portfolio consisting of 20 properties in Illinois,
Minnesota, Wisconsin, New Jersey, New York, and Pennsylvania that
have a combined 1.55 million net rentable square feet. The
portfolio boasts attractive demographics in densely populated areas
with growing populations and strong household incomes. In addition,
there is limited new supply under construction in the trade areas,
providing Metro with the opportunity to push existing customer rent
increases and to raise asking rents over the next three years.
Talonvest procured a non-recourse, 3-year floating rate, bridge
loan that has no covenants and capped legal costs from a leading
global alternative investment firm. Loan negotiations resulted in
flexibility on proceeds to be cash neutral at closing and an
18-month initial interest rate cap requirement. Martin Gallagher,
President of Metro Storage LLC commented, "Transactions go smoothly
with Talonvest because of their leadership and ability to work so
well with lenders from the front-end term sheet process through
loan doc negotiations, due diligence issues, and ultimately funding
of the loan.” Dan Hryczyk, Chief Financial Officer, added,
“Talonvest is a long-time trusted partner with a proven track
record in delivering optimal results for our financing needs.
Given the current dynamic lending environment, we needed a
trusted strategic partner to work closely with us on the
development of a portfolio financing strategy.”
The Talonvest team members responsible for this transaction
included Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau, and
Lauren Maehler.
About Talonvest Capital Inc.:
Talonvest Capital is a commercial real estate advisory firm
specializing in sourcing cutting-edge lending programs and advising
on capital market trends for industrial, self-storage, multifamily,
office, and retail property owners. Talonvest Capital offers a
unique boutique approach by leveraging the company’s collective
institutional knowledge and remaining highly engaged throughout the
entire assignment, including the closing process, to deliver
tailored capital solutions for their clients.
With over four decades of experience, Talonvest Capital has a
unique perspective from its team's previous experience on the
lending side, managing institutional equity, executing nationwide
joint venture investments, and facilitating diverse capital
placements for clients across the United States. Learn more at
https://talonvest.com.
Contact: Carole StanleyTalonvest Capital,
Inc.949.251.9900cstanley@talonvest.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/181a14b2-4321-4540-90dc-c5a2f2cd6033