IRVINE, Calif., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, recently negotiated $48 million of construction financing for two clients. The first assignment was a $20 million loan for William Warren Group (“WWG”) on a development site located in Hawthorne, CA. The second was a $28 million construction loan on behalf of Leon Capital Group for the development of three Class-A self storage facilities located in the Portland-Vancouver MSA. The financings were negotiated with two separate national banks.
WWG is building a 4-story, 113,625 net rentable square foot, state-of-the-art self storage facility at 4959 W 147th street in Hawthorne, CA. The site is visible from the 405 Freeway. Talonvest secured a 54-month, 75% loan-to-cost, interest only loan for this in-fill development located near LAX airport. The construction loan has a partial repayment guaranty that completely burns off based on operational success. Clark Porter, President of William Warren Group, commented “Talonvest’s construction lending knowledge and vast network of capital relationships resulted in a very attractive loan. Their team is an important and valuable leverage point for us.” Talonvest team members involved in this assignment included Kim Bishop, Eric Snyder, and Terra Hendrich.
In a separate assignment, Talonvest negotiated a $28 million construction loan for Leon Capital Group’s development of three multi-story, class-A, 100% climate-controlled self storage facilities totaling 315,251 NRSF on two sites located in Portland, OR and another in Vancouver, WA. This financing is a LIBOR based, floating rate loan with a 36-month term, a 12-month extension option, and a mini perm option. Jake Walker, Chief Operating Officer at Leon Capital Group, noted “Talonvest created a competitive process and delivered a great loan that accommodates a complex equity structure. We look forward to growing our business relationship with the Talonvest team.” The Talonvest team members involved in this assignment included Eric Snyder, Jim Davies, Kim Bishop, and Tom Sherlock.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally. The firm utilizes a unique collaborative team approach to complement its team members’ four decades of institutional knowledge and expertise to deliver better capital solutions to its clients.