IRVINE, CA—Boutique self-storage andcommercial real estate advisor TalonvestCapital Inc. has arranged nearly $75.6 million of fundingfor self-storage acquisition andrefinance loans. The funding was set forassignments in Southern California and Texas.
Jim Davies, a principal atTalonvest, tells GlobeSt.com, “The storage marketcontinues to outperform, as property owners are enjoyingsignificant increases in NOI, total revenues, and occupancylevels. In addition, institutional and private-equityinvestors are seeking out the best sponsors for new investments,especially in markets like Southern California and urbanTexas.”
Storage Etc., a Los Angeles-based self-storageowner, retained Talonvest on several assignments, including a$17-million acquisition and bridge financing for aSouthern California portfolio of properties totaling 189,000 squarefeet. According to Greg Houge, president ofStorage Etc., “by creating and skillfully managing a competitivebid process amongst lenders, Talonvest delivered a low rate andattractive terms.” The nonrecourse loan for Storage Etc. has afloating rate starting below 3.5%, two years of interest-onlypayments and a flexible prepayment structure.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
