IRVINE, Calif., Aug. 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”), is pleased to announce the successful closing of a $10 million loan for a self storage facility located in Eatontown, New Jersey. The facility consists of approximately 730 interior, climate-controlled units, totaling approximately 65,800 net rentable square feet, and services affluent communities in the heart of Monmouth County’s primary retail corridor.
The bridge loan was secured through a unique life company and has no ongoing loan covenants. The four-year non-recourse loan included interest-only payments for half the loan term and a sliding scale prepayment structure to enhance flexibility for the borrower.
The Talonvest team members responsible for this transaction included Eric Snyder, Britt Taylor, Mason Brusseau, and Lauren Maehler.
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 June 30, 2023, SSGT III has a portfolio of five operating properties in the United States, comprising approximately 4,400 units and 487,400 rentable square feet and one operating property in Canada, comprising approximately 770 units and 81,800 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 500 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 June 30, 2023, SmartStop has an owned or managed portfolio of 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.3 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,800 units and 3.0 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/9f95ecf4-ddcf-416d-a7f6-1d1016864bb5
