IRVINE, Calif., Oct. 13, 2023 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with their client Barone Management, are thrilled to announce the successful closing of a $13.8 million construction financing for the ground-up development of a state-of-the-art storage facility located in Syosset, NY. Upon completion in November of 2024, the facility will consist of two separate structures comprising 1,025 climate-controlled and 86 exterior drive-up units across 103,440 NRSF.
A commercial bank funded the 5-year construction loan with no repayment guarantee at an attractive spread. The loan was structured with four years of interest-only payments and the opportunity for a fifth year of interest-only.
John Silviano, Principal at Barone Management, commented, "The Talonvest team played a crucial role in ensuring the success of this transaction. Their deep financing experience and meticulous due diligence were instrumental in allowing us to receive proceeds on this financing, and we greatly appreciate their guidance and support.”
The Talonvest team members responsible for this transaction included John Chase, Kim Bishop, Ivan Viramontes, and Lauren Maehler.
About Talonvest Capital Inc.:
Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients.
With over four decades of experience, Talonvest Capital has a unique perspective from its team's previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.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/5d57916f-4c8e-41c7-88d5-c91cefa319c8
