Talonvest Capital Inc. and its client Reliant Real Estate Management, along with their joint venture partner Harrison Street Real Estate, announced the funding of a $109.7 million bridge loan secured by a 10-property self-storage portfolio. The properties, located in Georgia, South Carolina and Colorado, 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.
“Talonvest was instrumental in providing, negotiating and delivering attractive senior debt,” said Todd Allen, managing principal of Reliant. “The team’s tenacity to steward their client’s objectives across the finish line was impressive.”
The Talonvest team responsible for this assignment included Eric Snyder, Kim Bishop, Jim Davies, Mason Brusseau and Thalia Tovar.
