A joint venture between Clark Investment Group (CIG) and Post Management Self-Storage recently converted an industrial warehouse in North Bergen, N.J., into a GoodFriend Self-Storage facility. The two-story building at 4301 Tonnelle Ave. comprises 89,800 square feet of climate-controlled space, according to a press release issued by Talonvest Capital Inc., the boutique real estate adviser that brokered the financing.
CIG and Post Management have partnered on multiple self-storage investments in the New York City metropolitan area, the release stated. The North Bergen facility is the first GoodFriend location in New Jersey. The property features high ceilings, interior loading areas, loading dock platforms and video cameras.
The partnership recently refinanced the property with a $13.4 million conduit loan secured through an unidentified global investment bank with which Talonvest has a relationship. It’s a 10-year, non-recourse loan with two years of interest-only payments, according to the release.
Founded in 2010 and based in Orange County, Calif., Talonvest structures debt and equity for self-storage and commercial real estate investors and developers nationwide. The principals of the firm have more than 80 years of combined experience.
Based in Wichita, Kan., CIG is a private real estate development and investment company, which specializes in self-storage. Its portfolio includes more than 7 million square feet of industrial, hospitality, office, retail and storage assets. It has interests in 150 properties spanning 23 states. It also provides equity capital to the storage industry.
Founded in 1997, Post Management operates the GoodFriend Self-Storage brand. Its owned portfolio comprises more than 500,000 net rentable square feet between one facility in Connecticut, one in New Jersey and seven in New York.