IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self storage and commercial real estate advisory firm, along with their client, Madison Capital, is pleased to announce the successful closing of a $14.1 million loan for the construction of a single story class A, self storage development located at the Southeast Corner of Wabash Ave and Naples Ave in Redlands, CA.
The site is uniquely positioned adjacent to two recently delivered RV/Boat storage facilities and, upon completion, will consist of 373 climate-controlled units and 461 drive-up units totaling 114,752 NRSF. Development completion is expected in Q1 of 2024. Talonvest negotiated a three-year loan that did not require a depository relationship. Terms secured from a regional bank included interest-only payments at an attractive spread and extension options.
Ryan Hanks, Founder and CEO of Madison Capital, commented, “The Talonvest team's real-time knowledge about capital providers’ capacity and appetite for new business proved invaluable. Their disciplined approach resulted in a seamless loan process for us despite the difficult market for construction projects.”
The Talonvest team members responsible for this transaction included Kim Bishop, Ivan Viramontes, Eric Snyder, and Lauren Maehler.
About Talonvest Capital, Inc.:
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States. The firm utilizes a unique collaborative team approach and four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.
| Contact: | Daniela Valencia Talonvest Capital, Inc. 949.387.2368 dvalencia@talonvest.com |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e80447cd-5890-4a85-b66c-c6e065e8310f
