Talonvest Arranges $15M Acquisition Loan
- Aug 05, 2019
GoodFriend Self Storage has acquired North Fork Self Storage, a 79,000-net-rentable-square-foot facility in Cutchogue, N.Y. Talonvest Capital arranged a $14.6 million bridge loan for the acquisition and expansion of the asset. The non-recourse bridge loan includes an initial $13.8 million financing and an additional $800,000 future funding. The mortgage featured interest-only payments during the three-year loan term, a LIBOR floating rate, two one-year extension options and prepayment opportunity at the end of twelve months.
Situated at 50 Commerce Drive, North Fork Self Storage is along Freeway 48, exposed to around 15,000 cars per day, according to Yardi Matrix data. Built in 2006 and 2008, the asset recently added 7,000 square feet through the new loan. The four-building facility occupies roughly 3 acres and comprises both climate- and non-climate-controlled units, ranging from 25 to 500 square feet, per Yardi Matrix data. Additional characteristics include gated entry, drive-up access, security cameras, parking and RV parking spaces. Moreover, services provided include on-site management and truck rental options.
Talonvest also arranged $12.3 million in financing for the acquisition of two other storage assets, on behalf of Metro Storage. The company purchased a 69,541-rentable-square-foot facility in Franklin, Tenn., and a 62,607-rentable-square-foot asset in Orlando, Fla.