Virginia Storage Facility Receives $12M Financing

Working on behalf of Compson Development, Talonvest Capital arranged the loan to refinance a 599-unit storage property.
Extra Space Storage. Image courtesy of Talonvest Capital

Compson Development has received $12 million in refinancing for a 54,305-net-rentable-square-foot Extra Space Storage facility in McLean, Va. Talonvest Capital Inc. arranged the non-recourse, 10-year, fixed-rate, interest-only CMBS loan on behalf of the borrower.

The Class A asset occupies less than 1 acre at 1315 Beverly Road, near the intersection of freeways 123 and 309, around 10 miles from downtown Washington, D.C. The property is within a densely populated area; approximately 74,900 people live within a 3-mile radius, with less than 3 net rentable square feet storage space available per capita, according to Yardi Matrix. 

Completed in 2012, the four-story facility encompasses 599 climate-controlled units ranging from 25 to 350 square feet. The facility is gated and features security cameras, alarmed units, drive-up access, covered loading bay and parking spaces.

Talonvest’s team included Kim Bishop, Eric Snyder, Jim Davies, David DiRienzo, and Lauren Maehler. In September, the company arranged $123 million in refinancing on behalf of Metro Self Storage for 22 properties across three states.