IRVINE, CA--(Marketwired - Nov 3, 2014) - Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor serving clients throughout the United States, is pleased to announce the recent successful funding of $75,575,000 of self-storage acquisition and refinance assignments in Southern California and Texas on behalf of their clients.
Los Angeles based Storage Etc. retained Talonvest on multiple assignments including a $17,050,000 acquisition -- bridge financing for a Southern California portfolio of properties totaling 189,000 square feet. Greg Houge, President of Storage Etc. commented, "by creating and skillfully managing a competitive bid process amongst lenders, Talonvest delivered a low rate and attractive terms". The non-recourse loan has a floating rate starting below 3.5%, two years of interest-only payments, and a flexible prepayment structure. Houge further shared, "we came back to Talonvest to handle some permanent loans after they did such an effective job representing us on the bridge financing." The referenced permanent loans consisted of $34,525,000 in insurance company and conduit financings for three California properties located in San Diego, Carson, and Woodland Hills with a combined total of 411,000 square feet. After the closings, Houge noted "they (Talonvest) did another great job for us."
Meanwhile, Santa Monica based William Warren Group hired Talonvest to procure $17,500,000 of acquisition financing for a portfolio of Texas properties and a $6,500,000 refinance loan for a LaQuinta, CA property operated under the StorQuest management banner. Both loans were non-recourse, 10-year fixed rate loans with interest-only periods funded by securitized lenders. Clark Porter, Chief Financial Officer of The William Warren Group, stated, "Talonvest has impressed us again with their ability to creatively structure our loans." Furthermore, regarding the Texas portfolio, he added, "they identified the right lenders who provided the timing flexibility necessary to meet the seller's needs".
The Talonvest team included principals Eric Snyder, Jim Davies, and Tom Sherlock as well as Laura Bogart, Kim Leslie, Carole Stanley, and Scott Sweeney.
Talonvest Capital is a boutique real estate firm with offices on the west and east coasts providing advisory services to self-storage and commercial real estate investors, owners, and developers throughout the United States. The principals of the firm have over 80 years of combined experience structuring loans and equity investments for self storage, office, industrial, retail, and apartment properties.
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Amanda Waite