Talonvest Secures $27M to Finance 3 Acquisitions
- Jan 04, 2018
Talonvest Capital Inc. has arranged three separate bridge loans for the acquisition of two self-storage facilities in Chicago and a three-property portfolio in Grand Rapids, Mich., on behalf of Devon Self Storage, totaling $27.2 million.
Located at 615 S. Wabash St. in Chicago, the self-storage asset received a $11 million, three-year, full term interest-only loan, arranged through a community bank. Converted from a parking garage in 2016, the 21-story facility comprises 99,775 rentable square feet and features exterior brickwork, fire suppression and heating systems and renewed flooring. The security system limits tenant access to floors on which they rent a unit.
The acquisition of the second Chicago asset at 1601 S. Canal St. was financed with $7.1 million, five-year term loan with 24 months of interest-only payments. Built in 1998, the class A, five-story facility comprises 63,645 net rentable square feet, featuring climate-controlled units. A total of $9.1 million was secured for a three-property portfolio located in Grand Rapids, Mich. The portfolio comprises a total of 212,668 rentable square feet, featuring 1,296 units and 47 RV stalls. The $9.1 million non-recourse loan included interest only payments for the first 24 months of the five-year term.
“We have great faith in the Talonvest team’s financing expertise, lending relationships, and management of the loan process. They save us time and money, make our transactions more efficient and increase the certainty of close,” said Ken Nitzberg, president & CEO of Devon Self Storage, in a prepared statement.
Talonvest’s team included Eric Synder, Kim Leslie, Eric Pryor and Terra Hendrich. In June 2017, the company secured seven constructions loans for The William Warren Group and Metro Self Storage.
Images courtesy of Yardi Matrix