IRVINE, Calif., June 27, 2019 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique mortgage brokerage firm, negotiated an $18.48 million refinance loan on three apartment properties for The Bascom Group, LLC, a repeat client of the firm. The non-recourse, refinance bridge loan was secured by the recently renovated multi-family communities known as Courtyard on 68th in San Diego, City Terraces in Escondido, and Hillside Terrace in Vista, CA which have a combined total of 113 units. The remodeled apartment homes feature striking finishes, stainless-steel appliances, and abundant storage. All three properties benefit from their superior proximity to the finest dining, shopping and events that San Diego has to offer.
The Talonvest team negotiated a 3-year fixed rate, non-recourse portfolio loan featuring 24 months of interest only payments with a Southern California based community bank. The financing includes two one-year extension options and a sliding scale prepayment penalty during the first two years only of the loan, thereby providing the borrower with maximum flexibility.
James D’Argenio, Senior Principal-Acquisitions at Bascom, commented, “Over the last five years, the Talonvest team has delivered creative financing solutions and new lending relationships to Bascom. Their extensive capital market knowledge continues to create value for us.” The Talonvest team representing Bascom in this assignment was led by Erich Pryor and included Tom Sherlock and Eric Snyder.
About Talonvest Capital, Inc.:
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners, and developers throughout the United States. The firm utilizes a unique collaborative team approach and four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.
About Bascom:
Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.6 billion in multifamily and commercial value-added transactions including more than 330 multifamily properties containing over 85,000 units.
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