IRVINE, Calif., May 31, 2018 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, arranged a $9,500,000 non-recourse, long-term fixed rate loan with ten years of interest only payments for Mountain Pacific Properties, Inc. The loan was for the refinance of a 109,500 square foot facility at 29309 Industrial Way in Evergreen, CO, conveniently located at the junction of Interstate 70 and State Highway 74 just outside of Denver. The property, the only self storage facility within five miles, benefits from the area’s high barriers to entry and the strong retail demographics that have attracted Walmart, The Home Depot, and multiple restaurants to operate within a mile of the subject. The loan was funded by a multinational investment bank.
Mountain Pacific Properties, Inc. has owned the site for over ten years. In 2015, they purchased and developed the lot next to the existing facility and expanded the operation by adding two new buildings with 40,000 square feet of drive up, climate and non-climate controlled units. The facility now consists of 466 climate-controlled units, 185 non-climate controlled units, 159 drive up units, and 6 industrial spaces. Daryl Flaming, President of Mountain Pacific Properties, Inc., shared, “With so much uncertainty about rising interest rates, fixing my rate under 5% for the next ten years eliminated interest rate risk while enhancing my cash flow. Talonvest’s ability to deliver interest only loan payments for all ten years made the new loan that much better." The Talonvest team responsible for this assignment included Eric Snyder, Erich Pryor, Jim Davies, and Terra Hendrich.
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.