SOURCE: Talonvest Capital, Inc.

Talonvest Capital, Inc.

May 10, 2017 00:08 ET

Talonvest Negotiates $20 Million in Acquisition Loans for Two Apartment Properties

IRVINE, CA--(Marketwired - May 10, 2017) - Talonvest Capital, Inc. is pleased to announce the successful funding of two value add bridge loans totaling $20,000,000 for The Bascom Group. Talonvest sourced and successfully negotiated with a regional bank for an $11,500,000 loan for the acquisition of a Harvard Villas, a 64-unit property in Torrance, California, and an $8,500,000 loan for the purchase of Pebble Cove Apartments, a 90-unit apartment community in Las Vegas, Nevada.

The $8.5M loan for the Las Vegas property featured a three-year term with interest-only payments for the first 30 months, one three-year extension option and no prepayment penalty. The $11.5M loan for the Torrance property featured a four-year term with interest-only payments for the first 30 months, one one-year extension option and no prepayment penalty.

Pebble Cove Apartments is a garden style multifamily community consisting of eight buildings situated on a 4.13-acre site ideally located only 2.9 miles from the Las Vegas Strip and 4.5 miles from downtown Las Vegas. Bascom plans to implement a substantial renovation program including interior and exterior upgrades, as well as amenities.

Harvard Villa Apartments is situated on a 1.66-acre site centrally located in the South Bay region of Los Angeles. Bascom purchased Harvard Villa in an off-market transaction from a private owner and plans to implement a third-party management and construction team to reposition and rebrand the property.

Jerry Fink, Managing Partner of Bascom, commented, "Talonvest took the time to understand our needs and then tailored a strategy to fit those needs. Although both properties had underwriting challenges, they created a competitive environment for the debt financing and greatly exceeded our expectations." Talonvest Principal Tom Sherlock added, "We're pleased to have established a new lending relationship for Bascom and are excited to continue providing valuable insights on the capital markets as we grow our relationship." The Talonvest team handling the transaction included Erich Pryor, Eric Snyder, and Tom Sherlock.

About Talonvest:

Talonvest Capital, Inc. is a boutique real estate firm that provides advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States. The principals of the firm have over 85 years of combined experience structuring loans and equity investments for office, industrial, retail, self storage, and apartment properties.

About Bascom:

The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $13 billion in multi-family and commercial value-added transactions since 1996 including more than 307 multifamily properties containing over 80,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties.

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