IRVINE, Calif., July 06, 2022 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc. and Metro Storage LLC are proud to announce the recent closing of a $35,000,000 bridge loan for the refinance of four assets in the Northeast. The recently constructed storage facilities located in Doylestown, PA; New Britain, PA; Mt. Laurel, NJ; and Westhampton Beach, NY are all class A, state-of-the-art, climate-controlled facilities with elevators, interior/covered loading bays, security systems, and 24-hour access. The portfolio has approximately 2,700 climate-controlled units in 300,915 net rentable square feet.
The non-recourse refinance bridge loan, funded by the real estate arm of a global insurance company, features a 3-year term with interest only payments floating over SOFR and two 12-month extension options. Flexibility for the ownership was created through a single property release provision, no exit fee or prepayment penalty, a modest minimum interest provision, and optionality related to the interest rate hedging. Dan Hryczyk, Chief Financial Officer of Metro Storage LLC, commented, “For years Talonvest has utilized their experience and skill to find the right lender and negotiate the best deal for us. We have great confidence in their team.” The Talonvest team responsible for this assignment included Kim Bishop, Parker Crockett, Jim Davies, Eric Snyder, and Thalia Tovar.
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 throughout the United States. The firm utilizes a collaborative team approach, emphasizing the institutional knowledge and expertise gained over the past four decades by its team members, to structure superior capital solutions for its clients.
Contact:
Carole Stanley
Talonvest Capital, Inc.
949.251-9900
cstanley@talonvest.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f6b9430-f6a5-4fa1-b5e4-092c83a1f59a
