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.

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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.”

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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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Houge says his firm rehired Talonvest to handle some permanentloans after the firm represented his company on the bridgefinancing. The referenced permanent loans consisted of $34.5million insurance-company and conduit financings for threeCalifornia properties located in San Diego, Carson and WoodlandHills, with a combined total of 411,000 square feet.

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In addition, Santa Monica, CA-based William WarrenGroup hired Talonvest to procure $17.5 million ofacquisition financing for a portfolio of Texas properties and a$6.5-million refinance loan for a La Quinta, CA, property operatedunder the StorQuest management banner. Both loanswere non-recourse, 10-year, fixed-rate loans with interest-onlyperiods funded by securitized lenders.

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According to Clark Porter, CFO of the William Warren Group,“Talonvest has impressed us again with their ability to creativelystructure our loans.” Regarding the Texas portfolio, he adds, “theyidentified the right lenders who provided the timing flexibilitynecessary to meet the seller's needs.”

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GlobeSt.com was unable to reach Talonvest before deadline todiscuss new trends in the self-storage arena in Southern Californiaand Texas.

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The Talonvest team in charge of the assignments includesprincipals Eric Snyder, Davies and TomSherlock, as well as Laura Bogart, Kim Leslie,Carole Stanley and Scott Sweeney. AsGlobeSt.com reported last month,Talonvesthired Leslie, a commercial real estatefinance veteran, to manage the underwriting,placement and processing of client transactions. In addition, sheis responsible for expanding existing client relationships anddeveloping new ones.

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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.