IRVINE, CA--(Marketwired - February 03, 2017) - Talonvest Capital, Inc. is pleased to announce the successful funding of a $28,000,000 bridge loan for the value-add acquisition of Summit Point in San Diego, CA. The loan structure featured interest-only payments for the full three-year term, two one-year extension options and individual release provisions for maximum borrower flexibility. The Class A, four story office building situated on a 20.95-acre site in San Diego's I-15 Corridor submarket had zero percent occupancy at loan closing as the seller was an owner/occupant. Newport National Corporation plans extensive exterior and interior renovations to the existing building and the development of a second phase building creating an innovative office campus. Talonvest negotiated the loan with Los Angeles based balance sheet lender, Mesa West Capital. Scott Brusseau, President of Newport National Corporation, commented, "Talonvest's deep lender relationships and decades of experience structuring capital make a powerful combination that helped us secure the best terms on our acquisition loan." Talonvest Principal Tom Sherlock noted, "The Talonvest team is pleased to have produced a loan that satisfied the needs of our client." Eric Snyder, another Talonvest principal, added, "We're grateful for the opportunity to work with such experienced professionals. Newport National Corporation recognized that this multi-phase property represents a unique scenario of a fully entitled project in a supply constrained market." The Talonvest team handling the transaction included Sherlock, Snyder, Erich Pryor, and Carole Stanley.
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 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 Newport National Corporation
Newport National Corporation (NNC) is a full-service, vertically integrated real estate company based in Carlsbad, California. NNC was founded in 1973 and incorporated in 1975 by Mr. F.M. "Bruce" Brusseau. NNC is currently run by its President, Scott R. Brusseau and Senior Vice President, Jeffry A. Brusseau. NNC's business strategy has and continues to be the acquisition, development and management of prime commercial real estate properties in dynamic growth areas. One of NNC's key objectives is to provide private and institutional investors with exceptional services and investment performance. The firm has developed and managed a diverse portfolio of approximately 2,137 acres & 4,354,000 square feet including low and mid-rise office, power centers, shopping centers, free-standing industrial, multi-tenant industrial, research and development, business parks and master planned residential properties. NNC has developed its properties throughout the western United States in California, Arizona, and Colorado, with a particular emphasis in San Diego County, California.
About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $4.5 billion in assets under management. With offices in Los Angeles, Chicago and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $300 million. Since inception, the firm has sourced and closed more than 245 transactions totaling in excess of $10 billion.