Talonvest Arranges $23M for Arizona Storage Projects
- Nov 01, 2019
Talonvest Capital has secured a $22.5 million loan on behalf of 1784 Capital Holdings to finance two self storage facilities in Arizona. The mortgage includes a $12.3 million construction financing for a Scottsdale development, while the remaining $10.2 million bridge loan was provided to refinance a project in Tucson.
The construction financing was structured with a four-year initial term and the opportunity for an extension and rate reduction, whereas the bridge loan was higher leverage with a three-year initial term and two, 12-month extension options.
1784 Capital Holdings has already broken ground on the Scottsdale facility located in the heart of the city’s Old Town. Once completed, the 71,070-net-rentable-square-foot development will encompass 832 units. Situated on a primary arterial highway, the 80,765-net-rentable-square-foot project in Tucson encompasses 799 units.
Talonvest’s Erich Pryor, Jim Davies, David DiRienzo and Lauren Maehler arranged the financing on behalf of the borrower, through a global commercial real estate firm. In September, David DiRienzo and Lauren Maehler were also involved in securing a $123 million refinancing for 22 properties located in Georgia, Florida and Illinois.