Irvine, CA-based Talonvest Capital, Inc., helped secure its clients $111,500,000 in permanent financings during the final weeks of 2021.
The boutique self storage and commercial real estate mortgage brokerage firm negotiated with various national banks to obtain the loans for their clients. The new closings are secured by assets located in Texas, California, Illinois, and Nevada.
“Our team is navigating a rapidly changing financial landscape and our clients have shared their appreciation for Talonvest continuing to successfully deliver capital in a better way,” said Jim Davies, principal.
The closed loans included:
- $60,000,000 portfolio loan to the William Warren Group for six StorQuest properties in TX, CA, and NV totaling 542,483 net rentable square feet in 3,886 units. The 7-year loan with 5 years of interest only payments is floating over BSBY with a starting all-in rate below 2%.
- $34,000,000 refinance loan secured by a 143,409 net rentable square foot storage facility in Richmond, CA with 1,114 non-climate-controlled units, 468 climate-controlled units and 224 drive-up storage units (above). The cash-out refinance loan featured 10-years of interest only payments. The facility is third-party managed by StorQuest Self Storage.
- $10,000,000 ten-year, full-term interest-only, fixed rate refinance loan to the Jenkins Organization for a state-of-the-art self storage facility built in 2017 and consisting of 80,555 net rentable square feet across 584 storage units in the San Antonio, Texas MSA.
- $7,500,000 refinance loan secured by a U-Stor-It facility located just west of Chicago in suburban Elmhurst, IL. The 10-year non-recourse loan features an interest only payment period and an attractive fixed rate.
Talonvest team members involved in these financings included Kim Bishop, Eric Snyder, Erich Pryor, Mason Brusseau, and Ivan Viramontes.
