Talonvest Capital, Inc. and its client Reliant Real Estate Management along with their joint venture partner Harrison Street Real Estate are pleased to announce the funding of a $109,700,000 bridge loan secured by a 10-property self storage portfolio. The properties, located in GA, SC, and CO, have a combined 876,021 of existing net rentable square feet plus 811 parking spaces. The loan will also fund a total of 110,275 square feet of expansion at five of the facilities.
The non-recourse floating rate loan, which featured a four-year term with a one-year extension option, was funded by a large North American bank. Additional financing benefits negotiated include interest-only payments for the full initial term, no prepayment penalty, collateral release provisions, and step-down pricing based on performance hurdles.
Todd Allen, Managing Principal of Reliant, commented, “Talonvest was instrumental in providing, negotiating, and delivering attractive senior debt. The team’s tenacity to steward their client’s objectives across the finish line was impressive. We look forward to a continued profitable relationship with both the broker and lender.” Talonvest Principal Eric Snyder commented “We were honored to be entrusted with this assignment, advise, and ultimately deliver a superior capital solution to the experienced professionals at Reliant and Harrison Street.” The Talonvest team responsible for this assignment included Eric Snyder, Kim Bishop, Jim Davies, Mason Brusseau, and Thalia Tovar.