Talonvest Capital Inc., a provider of third-party capital placement, debt and equity for commercial real estate nationwide, recently negotiated and closed two fixed-rate, non-recourse loans worth approximately $20 million for California-based self-storage operators.
Talonvest procured $16.9 million of permanent debt for a three-property portfolio with locations in East Palo Alto and Kentfield, Calif., and Boulder, Colo. The facilities, with a combined occupancy of more than 90 percent, were financed with a 10-year fixed interest rate at less than 5.5 percent with a 30-year amortization. Paul Schmitt, CEO of Schmitt & Co., was responsible for the financing on behalf of his partners and investor clients.
In separate transaction, Talonvest structured approximately $3.1 million of permanent financing for Valley Wide Self Storage, a 120,000-square-foot property in San Jacinto, Calf. The challenges to completing this financing assignment included the loan request being smaller than many loan programs will accommodate and the property not being in an urban locale, according to Talonvest Principal Eric Snyder. The company was able to solve the lenders concerns through structure and negotiation, he said.
Each of the new commercial mortgage-backed securities loans was provided by a large, national finance company.
Talonvest is a boutique real estate firm providing advisory services to self-storage and commercial real estate investors and developers. The firms principals have more than 70 years of combined experience structuring loans and equity investments for self-storage, office, industrial, retail and apartment properties throughout the United States.