IRVINE, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc. successfully negotiated and structured a $3.7 million bridge loan on behalf of CIP Real Estate. The loan is secured by Rincon Industrial Park, two multi-tenant buildings totaling 66,000 square feet in Las Vegas, NV. The five year, fixed rate, non-recourse bridge loan was funded by a San Diego, CA based bank and priced at 4.875% with interest only payments during year one. The loan structure features a sliding scale prepayment feature that burns off after three years. Bob Strom, Principal of CIP Real Estate, commented, “We were doing an exchange so there was no room for error in this financing. Based on years of experience together, we had complete confidence in Talonvest’s ability to execute this on our behalf within the short timeframe for closing.” The subject loan was funded in six weeks.
Rincon Industrial Park is conveniently located in East Las Vegas, adjacent to Lamb Boulevard and within close proximity to US 95 (I-515) and Boulder Highway. The property features a diverse mix of tenants and suite sizes, grade level loading, is professional managed, and recently benefitted from $700,000 of capital improvements including a new roof, paint, parking lot, mechanical upgrades, and landscape. Talonvest Principal Tom Sherlock noted, “It was gratifying to pair CIP with a bank offering non-recourse financing, a five-year fixed rate term with prepayment flexibility, and who shares our esteem for CIP and an enthusiasm to work with them.” The Talonvest team involved in this transaction included Sherlock, Kim Leslie, Eric Snyder, and Terra Hendrich.
About Talonvest:
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.
About CIP Real Estate
CIP Real Estate was founded in 1995 as a real estate investment company specializing in the acquisition, development, repositioning and management of office, business and industrial parks. CIP Real Estate and its institutional partners have purchased approximately 6 million square feet of office, business and industrial parks with an acquisition value in excess of $1 Billion. Headquartered in Irvine, California, CIP Real Estate also has full service real estate offices in Ontario, California; Las Vegas, Nevada; and Charlotte, North Carolina.
Contact:
Amanda Waite
Talonvest Capital, Inc.
949.648.0337
awaite@talonvest.com