IRVINE, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with their client, Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company that intends to qualify as a real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), are pleased to announce the closing of a $23.4 million bridge loan financing the certificate of occupancy acquisition of a state-of-the-art, Class A storage facility in Chula Vista, CA.
The newly constructed property has a mix of climate and non-climate-controlled units plus 66 drive-up units across approximately 110,000 square feet of net rentable space. Located adjacent to and directly visible from the I-5 Freeway with 170,000 vehicles per day, the facility will benefit from its location in a high-growth trade area where numerous development projects are underway, including 1,500 condos, 420,000 square feet of commercial space and a recently completed RV resort.
The non-recourse loan was funded by a unique life insurance company lender and included a fixed interest rate, a four-year loan term, two years of interest only payments, and a sliding scale prepayment structure.
The Talonvest team members responsible for this transaction included Britt Taylor, Eric Snyder, Jim Davies, Ivan Viramontes, and Thalia Tovar.
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.
About Strategic Storage Growth Trust III, Inc.:
SSGT III is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self storage facilities and related self storage real estate investments in the United States and Canada. As of February 10, 2023, SSGT III has a portfolio of three operating properties in the United States, comprising approximately 2,900 units and 340,000 rentable square feet.
About SmartStop Self Storage REIT, Inc.:
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of February 10, 2023, SmartStop has an owned or managed portfolio of 181 operating properties in 22 states and Canada, comprising approximately 124,800 units and 14.1 million rentable square feet. SmartStop and its affiliates own or manage 24 operating self-storage properties in Canada, which total approximately 20,400 units and 2.1 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
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/2c9c8e46-409a-40c5-a5fd-7170c5cc11ba
