Metro 20
NEWPORT BEACH, Calif., June 26, 2024 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, alongside Metro Self Storage and their JV-equity partner, Fremont Realty Capital, are pleased to announce the successful closing of a $185 million loan for a class A self-storage portfolio consisting of 20 properties in Illinois, Minnesota, Wisconsin, New Jersey, New York, and Pennsylvania that have a combined 1.55 million net rentable square feet. The portfolio boasts attractive demographics in densely populated areas with growing populations and strong household incomes. In addition, there is limited new supply under construction in the trade areas, providing Metro with the opportunity to push existing customer rent increases and to raise asking rents over the next three years.
Talonvest procured a non-recourse, 3-year floating rate, bridge loan that has no covenants and capped legal costs from a leading global alternative investment firm. Loan negotiations resulted in flexibility on proceeds to be cash neutral at closing and an 18-month initial interest rate cap requirement. Martin Gallagher, President of Metro Storage LLC commented, “Transactions go smoothly with Talonvest because of their leadership and ability to work so well with lenders from the front-end term sheet process through loan doc negotiations, due diligence issues, and ultimately funding of the loan.” Dan Hryczyk, Chief Financial Officer, added, “Talonvest is a long-time trusted partner with a proven track record in delivering optimal results for our financing needs. Given the current dynamic lending environment, we needed a trusted strategic partner to work closely with us on the development of a portfolio financing strategy.”
The Talonvest team members responsible for this transaction included Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau, and Lauren Maehler.
About Talonvest Capital Inc.:
Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients.
With over four decades of experience, Talonvest Capital has a unique perspective from its team’s previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.com.
Contact:
Carole Stanley
Talonvest Capital, Inc.
949.251.9900
cstanley@talonvest.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/181a14b2-4321-4540-90dc-c5a2f2cd6033
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