Talonvest Secures $19M in Loans for Storage Properties
- Jun 19, 2020
Talonvest Capital has facilitated two financing packages totaling $19.2 million for two separate self storage investors. The firm secured a $10.2 million acquisition loan for York RE Capital Partners’ purchase of a newly delivered facility in Marietta, Ga. Additionally, the brokerage arranged two CMBS notes totaling $9 million for two StorQuest Self Storage-managed properties in California.
The brokerage team which spearheaded these deals included David DiRienzo, Eric Snyder, Jim Davies, Kim Bishop, Lauren Maehler and Mason Brusseau.
York RE Capital Partners’ newest purchase is an 83,009-net-rentable-square-foot facility located on 3 acres at 3420 Sandy Plains Road. The Davis Group sold the property for $12.4 million, according to public records. Atlantic Capital Bank originated a five-year acquisition loan with four years of interest-only payments. Completed in 2020, the three-story building has climate-controlled units and an on-site manager.
The StorQuest Self Storage properties are located at 2412 Oakdale Road in Modesto, Calif., and 3201 East Hatch Road in Ceres, Calif. Built in 1985, 2003 and 2008, respectively, both facilities have single-story buildings and feature drive-up access and an on-site manager. A national bank provided two 10-year mortgages for the assets.
In May, Talonvest secured a $7.7 million construction loan for a 73,750-square-foot self storage project in Arvada, Colo. The firm negotiated on behalf of the borrower, Advantage Storage.