Talonvest negotiates $35 million bridge loan for life insurance company
IRVINE, Calif., July 06 12, 2022 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and Metro Storage LLC are proud to announce the recent closing of a $35,000,000 bridge loan to refinance four assets in the Northeast. Newly constructed storage facilities located in Doylestown, PA; New Britain, Pennsylvania; Mt. Laurel, NJ; and Westhampton Beach, NY are all Class A, state-of-the-art, air-conditioned facilities with elevators, indoor/covered loading docks, security systems and 24-hour access. The portfolio has approximately 2,700 air-conditioned units on 300,915 lettable square feet net.
The non-recourse refinance bridge loan, funded by the real estate arm of a global insurance company, features a 3-year term with floating interest payments on SOFR and two 12-month extension options. The flexibility for ownership was created through a single ownership release provision, no exit fees or prepayment penalties, a modest minimum interest provision, and an interest rate hedging option. Dan Hryczyk, CFO of Metro Storage LLC, commented, “For years, Talonvest has used their experience and skills 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 mission included Kim Bishop, Parker Crockett, Jim Davies, Eric Snyder and Thalia Tovar.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm that provides advisory services to commercial and self-storage real estate investors, owners and developers across the United States. The firm uses a collaborative team approach, emphasizing the institutional knowledge and expertise acquired over the past four decades by its team members, to structure superior capital solutions for its clients.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f6b9430-f6a5-4fa1-b5e4-092c83a1f59a