Talonvest Negotiates $31 Million Insurance Co. Loan for West Coast Storage Portfolio
(firmenpresse) - IRVINE, CA -- (Marketwired) -- 06/03/15 -- Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, structured and negotiated financing on a five property self storage portfolio for Catalyst Storage Investors. The portfolio includes 255,000 rentable square feet with assets located in major urban areas in Northern and Southern California, as well as in Washington. The non-recourse refinance loan funded by an insurance company was structured with 5 years of interest-only payments, a 3.9% ten year fixed interest rate, an earn-out provision based on future income growth, and provided for individual property releases.
Chuck Barbo, Dave Grant, and Harrell Beck, the three former top executives of Shurgard, are the principals of Catalyst. They built these facilities during the economic downturn with the assistance of West Coast Storage (also comprised of former Shurgard employees) who oversaw the land acquisition, development, construction and lease-up of the properties. Catalyst was pleased with the multiple attractive permanent loan options from which they could choose. Harrell Beck shared, "Talonvest differentiated themselves by exceeding our expectations at every step of the loan process. This included the loan dollars they procured, the deep lender relationships evident during the lender competition, and the focused service they provided from beginning to end." Jim Davies, Principal at Talonvest, commented, "we appreciate the trust and confidence that the experienced and highly successful storage executives at Catalyst placed in us. It''s rewarding to know we exceeded their expectations."
Tom Sherlock, another Talonvest Principal, noted, "insurance companies, banks, and CMBS lenders fought to win this loan opportunity and that competition allowed us to negotiate some unique loan structure for the benefit of our client." Sherlock, Davies, and Eric Snyder handled this financing on behalf of Catalyst.
Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally. The principals of the firm have over 80 years of combined experience structuring loans and equity investments for office, industrial, retail, and apartment properties throughout the United States. In addition, they have established a dominant niche position in financing self-storage properties across the country.
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Amanda Waite
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Datum: 03.06.2015 - 07:00 Uhr
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News-ID 1363432
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