Talonvest Capital, Inc. and its client Get Space, LLC have successfully closed a $16,000,000 life insurance company, 10-year, fixed rate loan secured by two self storage facilities in the Pacific Northwest. The Portland, OR and Vancouver, WA properties have 122,000 combined net rentable square feet in 1,257 storage units and feature climate-controlled units, as well as non-climate controlled exterior units at the Vancouver site. The state-of-the-art Vancouver property was newly constructed and completed in 2018, while the Portland site was expanded and renovated in 2018.
This unique loan program sourced by Talonvest provided the borrower permanent financing prior to economic stabilization at the properties. Elimination of future interest rate risk during the next 12-18 months was an important benefit for Get Space, and it was further enhanced through an early rate lock feature that reduced the borrower’s interest rate risk exposure during the 60-day due diligence and closing process. The non-recourse loan also allowed for 30 months of interest only loan payments.
Benjamin Bradley, Co-Founder and Principal of Get Space, LLC, shared “Talonvest’s command of the financing market directly resulted in a lower interest rate and reduced risk for us. They looked out for our best interests and delivered a great result.” The Talonvest team responsible for this assignment included Erich Pryor, David DiRienzo, Jim Davies, and Tom Sherlock.
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.