IRVINE, Calif., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc. and CIP Real Estate announce the completion of another successful financing together. The latest bridge loan enabled the acquisition of East Sahara Commerce Center, a multi-tenant industrial flex/incubator property in the Las Vegas East submarket. The five-year, fixed rate, non-recourse loan, priced in the high 4% range with interest only payments for one year, was funded by a community bank headquartered in Southern California. The loan advance rate exceeded 70% and the loan features a flexible sliding scale prepayment schedule that burns off after three years. Bob Strom, Principal of CIP Real Estate, commented, “Talonvest established this valuable lender relationship for us several years ago. Their continual management of the entire loan process, from the issuance of the proposals to closing, makes transactions seamless and timely.”
East Sahara Commerce Center consists of two buildings including approximately 72,000 rentable square feet, grade level loading, a diverse mix of tenants, and a versatile range of divisible space with suite sizes ranging from 825 to 4,700 square feet. The property is conveniently located in East Las Vegas with close proximity to US 95 (I-515), Boulder Highway. Talonvest Principal, Tom Sherlock, noted, “CIP is an exceptional borrower that deserves exceptional loan terms, and our team is focused on delivering that result.” The Talonvest team involved in this transaction included Sherlock, Erich Pryor, 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/47783870-f4f2-4484-8402-e12c0a0f61d7