October 13, 2016
Irvine, CA-based Talonvest Capital, Inc. orchestrated a competitive bid for a $58-million loan secured by a portfolio of 21 properties located in California, Texas, Tennessee and Wisconsin. The financing was completed with a large, national bank on behalf of Devon Self Storage and its institutional JV equity partner.
The three-year balance sheet loan was priced at Libor plus 2.75%. The loan includes interest only payments for the term, partial releases, no prepayment penalty after eighteen months, extension options, and a creative interest hedging structure that allowed the borrower to save money.
Devon Self Storage’s Ken Nitzberg says, “This was a complex transaction that required a very experienced broker.”
Talonvest’s team that negotiated and structured the loan included Eric Snyder, Kim Leslie, Tom Sherlock and Jim Davies.
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