Talonvest Arranges $56M in Loans for Self Storage Assets
- Apr 10, 2020
Talonvest Capital has secured three financing packages totaling $55.6 million for three clients. Three different lenders provided the notes—one construction mortgage and two bridge loans—which encumber six self storage assets nationwide.
ORIX Real Estate Holdings provided 1784 Capital Holdings with $14.5 million in construction financing for a self storage project, public records show. Located on 6 acres at 4725 E. Dynamite Blvd. in Scottsdale, Ariz., the 86,300-square-foot facility will have 932 units. Loan terms include a one-year extension option and no prepayment penalty. Last fall, the brokerage also arranged a $22.5 million note for two other Arizona assets owned by the borrower.
Strategic Storage Trust IV obtained a three-year, $31.5 million bridge mortgage from TCF National Bank. The limited-recourse loan is secured by four properties located in Arizona, California, Florida and North Carolina. The new note will be used to retire an existing $30.5 million bridge loan from KeyBank, according to public records.
The William Warren Group received a four-year, $9.5 million bridge loan from KeyBank, according to Multnomah County records. The note encumbers a newly built StoreQuest facility, located at 4310 Beaverton Hillsdale Highway in Portland, Ore. The 69,100-net-rentable-square-foot property features 768 climate-controlled units. Loan terms include a one-year extension option, interest-only payments, limited recourse and prepayment flexibility. In March, Talonvest secured $22.3 million in financing for two of the owner’s self storage assets in the Inland Empire, Calif.