Los Angeles-based storage operator Clutter has refinanced a four-property portfolio it owns in the New York metro area with a $118.3 million bridge loan. The non-recourse loan was negotiated by Talonvest Capital Inc., and features a low floating rate and a three-year term with two extension options.
The four-property portfolio is located in Yonkers, Brooklyn, White Plains, and Long Island City. The facilities offer a combined 320,819 net rentable square feet and a total of 5,148 storage units, as well as 115 parking spaces and more than 12,000-square-feet of other commercial space.
“The level of support we received from Talonvest in managing and executing the lender process was phenomenal. We truly benefited from partnering with a team that understood our needs and kept our best interest in mind,” said Anna Siradze, head of self storage acquisitions at Clutter.
Jim Davies, Kim Bishop, Eric Snyder, David DiRienzo, and Tom Sherlock of Talonvest worked on the assignment, securing the loan from a global investment management firm.
Clutter began as a startup offering valet storage, picking up items from customers’ homes and storing them in warehouses. In 2019, it acquired the New York self-storage portfolio from Storage Fox for $152 million. That purchase was funded by a $116 million floating-rate mortgage loan from Colony Credit Real Estate, Inc.
In related news, Talonvest announced the hirings of two new associates: Ivan Viramontes as Analyst and Associate, and Thalia Tovar as Loan Administration. The new hires support the firm’s “expanding business with experienced real estate owner-operators and the development of more institutional clients.”
“Ivan and Thalia are driven, team-oriented professionals with a passion for delivering value to our clients and their financings” said Tom Sherlock, co-founding principal of Talonvest Capital.