IRVINE, Calif., Nov. 20, 2019 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc. and CIP Real Estate are excited to announce another successful loan closing. The latest assignment was for a bridge loan to finance the value-add acquisition of Brook Hollow Center, a 252,698 square foot, five-building, multi-tenant, business park in Norcross, GA. The property has extensive frontage on the I-85 Freeway and is situated 25 minutes north of Downtown Atlanta and 30 minutes from Hartsfield-Jackson Atlanta International Airport.
CIP’s value-add business plan includes increasing rents to current market levels and completing capital improvements consisting of exterior cosmetic upgrades, roof and HVAC replacements, and vacant unit renovations. The non-recourse, 5-year fixed-rate bridge loan with future advances for the capital improvement plan was funded by a California community bank and featured a rate lock at application, 36 months of interest-only payments, several extension options, and prepayment flexibility. Bob Strom, Chairman of CIP Real Estate, commented, “The Talonvest team has earned our trust over years of delivering results. Once again, they did their usual stellar job!”
Built in phases from 1979 - 1985, the Brook Hollow Center was designed to offer functionality and accessibility for industrial and flex tenants. The property is in one of the most sought-after industrial markets in Atlanta due to strong demographics and a well-educated work force, along with immediate access to I-85. The Talonvest team involved in this transaction included Tom Sherlock, Erich Pryor, and Lauren Maehler.
About Talonvest
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to commercial and self-storage 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 CIP Real Estate
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, rebranding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 4.5 million square feet of quality properties, with offices in Ontario, CA; Hayward, CA; Las Vegas, NV; Charlotte, NC and Atlanta, GA.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/1cf9b041-7d7e-4dc8-b660-8541e9e4ba27