May 23, 2019
Irvine, CA-based Talonvest Capital, Inc. negotiated a $78-million refinance bridge loan secured by eight institutional quality, Class A properties for Metro Self Storage. The financing was secured by newer facilities totaling roughly 630,000 net rentable square feet with assets located in suburban Chicago, (5), NJ (2), and PA (1).
Five of the facilities opened between June 2017 and November 2018, and the other three facilities recently received occupancy certificates.
The non-recourse, four-year loan was funded by an insurance company and included full term IO payments as well as reserves for interest and operations at the recently completed properties. The life company priced the loan competitively at a floating rate over LIBOR. To enhance optionality for the borrower, the loan was structured with a 12-month extension term and release provisions after the twelfth payment date of the loan term.
Talonvest’s Kim Leslie Bishop, Jim Davies, Tom Sherlock, and Eric Snyder represented the borrower.
For comments, questions or concerns, please contact Dennis Kaiser