IRVINE, CA-Talonvest Capital has arranged $62 million in commercial and self-storage loans from a variety of funding sources for eight portfolios across the country. The firm funded $34.7 million in commercial financings and $27.6 million in self-storage loans, structuring and negotiating them for retail, industrial, office andself-storage properties.

The following loans were closed with several life-insurance companies, a commercial finance company, multiple conduit lenders and a commercial bank using its balance sheet.

  • A $7.5-million non-recourse permanent loan from a commercial bank secured by a retail property in Los Angeles for KOAR LLC;
  • A 12.23-million conduit permanent loan secured by two business parks in Orange County for Burke Real Estate Group;
  • A $4.6-million insurance-company permanent loan secured by a self-storage facility in Tampa for Metro Self Storage;
  • A $6.1-million conduit permanent loan secured by a self-storage facility in East Hampton, NY, for Post Management;
  • A $15-million bridge loan from a commercial finance company secured by an office building in San Marcos, CA, for Newport National Corp.;
  • A $7.5-million insurance-company permanent loan secured by a self-storage property in Long Beach, CA, for Storage Etc.;
  • A $6.375-million conduit permanent loan secured by a Sacramento self-storage owned by Spiegel Development Inc.;
  • An approximate $2.95-million conduit permanent loan for the acquisition of a Louisville, KY, self-storage property by Square Foot Co.

Clients have strongly positive comments about Talonvest's handling of these loans. According to Scott Brusseau, president of Newport National Corp., “Talonvest's competitive-bid process resulted in better loan terms than we imagined possible. Greg Houge, president of Storage Etc., adds that the firm's “negotiating skills resulted in a loan structure that had the cash-flow advantages and ongoing loan servicing that we wanted.”

Talonvest has its three principals work together as a team. Tom Sherlock, Jim Davies and Eric Snyder represented the various borrowers in these negotiations, while industry veteran Laura Bogart oversaw the closings.

As GlobeSt.com reported in October, Talonvest successfully negotiated and closed $116.2 million in financings for Metro Storage-related entities. The loans have 10 years of interest-only payments with fixed rates in the low 5% range; they are non-recourse and secured by self-storage properties located in Illinois, Florida, and Georgia.

*Stay tuned to GlobeSt.com for Talonvest's viewpoint on the self-storage sector and how it rates in the commercial real estate arena.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.