Talonvest Arranges $80 Million Financing for Eight-Property, Southeast Self-Storage Portfolio
Tuesday, 24 December 2024 ()
NEWPORT BEACH, Calif., Dec. 24, 2024 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, is pleased to announce that it has arranged $80 million in non-recourse financing on behalf of Rialto Capital Management, LLC for a multi-state self-storage portfolio with approximately 705,000 net rentable square feet operating under the Your Storage Units brand. The portfolio consists of assets located across Florida (5), South Carolina (2), and Georgia (1) which benefit from strong population growth, high visibility, easy access, and high average household income.The two-year, non-recourse bridge loan was provided by a well-established private commercial real estate credit manager and features three one-year extension options with interest-only payments during the original term and the first two extension options. A competitive bid process drove floating rate pricing to an attractive level and resulted in a long window to prepay without penalty. Additional flexibility was created for the borrower via individual release provisions for third-party asset sales.
Talonvest Senior Director, Kim Bishop, commented, βTalonvest's extensive lending relationships, industry expertise, and ability to create a broad market outreach led to a highly competitive process through which we secured favorable financing terms. Collaborating with the Rialto team was an outstanding experience.β
Eric Snyder, Tom Sherlock, Kim Bishop, Philippe Castillo, and Lauren Maehler were among the Talonvest team members responsible for this transaction.
*About Talonvest Capital, Inc.:*
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 firm utilizes a unique collaborative team approach and four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.
Contact: Carole Stanley Talonvest Capital, Inc. 949.251.9900 cstanley@talonvest.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02652b1a-80cf-4039-83f1-82e4c54a4a78
|
||||
|
|
||||
You Might Like |
||||
