Talonvest Secures $62M Bank Balance Sheet Loans for Self-Storage Portfolio
- Jul 25, 2016
Irvine, Calif.—Talonvest Capital Inc., a boutique self-storage and commercial real estate mortgage brokerage firm, structured $62 million of bank balance sheet loans secured by five separate properties for SoCal Self Storage.
The well-occupied facilities, which combined offer approximately 350,000 net rentable square feet, are situated in various Southern California locations. A large, money center bank funded the 10-year, full term interest only, LIBOR floating rate loans, which Talonvest assisted in converting to fixed rate financing via swap contracts. SoCal benefited from low cost, fixed rate financing and the swaps further provided the borrower an opportunity to secure an early rate lock.
“The Talonvest team delivered a great interest rate while structuring advantageous loan terms for us and then proactively managed a smooth closing,” Bill Bromiley, principal of Syndicated Real Estate Investments, said in prepared remarks. “Their knowledge of the capital markets was invaluable and their constant involvement throughout the process directly and positively influenced the results we received,” stated Denny Geiler, principal of Polo Properties LLC. Joanne Geiler, another principal with Polo Properties added that the Talonvest Capital team proved “their service far exceeds that of a traditional mortgage broker.”
The Talonvest team members representing SoCal Self Storage in this assignment included Eric Snyder, Kim Lesli and Tom Sherlock.
Image courtesy of Talonvest Capital