Talonvest Closes Self Storage Bridge Loan Despite the Market Uncertainty & Secures Multi-Family Acquisition Loan
IRVINE, Calif., May 05, 2020 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique commercial and self storage real estate advisor, orchestrated the late-April closing of a $6,545,000 bridge loan on behalf of The William Warren Group for the Class-A storage facility located at 1616 East Portland St. in Phoenix, Arizona. In addition, before the market turmoil erupted, Talonvest negotiated an $8,880,000 acquisition bridge loan for a multi-family property on behalf of Bascom Arizona Ventures, LLC.
The William Warren Group engaged Talonvest to secure bridge financing for the acquisition and stabilization of a newly constructed, institutional quality storage property. The facility has 710 storage units totaling 83,710 net rentable square feet and includes 75% climate-controlled space and 25% convenient drive-up access. A life insurance company funded the 5-year, non-recourse acquisition loan at a 4.50% fixed interest rate. The loan was structured with 3 years of interest only payments and a sliding scale prepayment structure.Bascom Arizona Ventures, with financing negotiated by Talonvest, recently purchased a high quality, luxury multifamily community located at 202 South Hardy Drive in downtown Tempe, AZ. The property consists of 37 garden style units situated on a 1.78-acre site. The non-recourse, 4-year, full-term interest only loan was funded by a large national bank holding company. The bridge loan was priced in the Libor + 100s and included future funding for capital improvements. Glenn Daiutolo, Managing Director of Bascom Arizona Ventures, LLC, shared “Our first experience working with Talonvest exceeded our expectations. The team’s collective knowledge and experience was invaluable and resulted in an excellent loan for us.” The Talonvest team members responsible for these assignments included Erich Pryor, Kim Bishop, Jim Davies, Eric Snyder, Tom Sherlock, David DiRienzo, Mason Brusseau, 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.