Connecticut Storage Facility Lands $17M Refi
- Feb 21, 2020
The joint venture of TVG Partners and Clark Investment Group has received a $16.5 million bridge loan to refinance a 72,490-net-rentable-square-foot Secure Self Storage facility in Norwalk, Conn. Talonvest Capital Inc. secured the 42-month loan with 36 months of interest-only payments that returned all the owner’s original equity. A Midwestern-based bank provided the financing.
Completed in 2017, the four-story Secure Self Storage encompasses 766 climate-controlled units ranging from 25 to 400 square feet. The Class A facility offers both outdoor and indoor storage and features 24-hour security cameras and flexible short-term lease options. Located at 587 Connecticut Ave. on a 1.5-acre site, the asset is some 3 miles southwest of Norwalk’s city center, near a dense retail area.
Eric Snyder, Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler were part of the Talonvest team securing the loan on behalf of the borrowers. In December, the brokers were also instrumental in the $12 million refinancing of a 599-unit storage property in McLean, Va.