Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with its client Metro Self Storage, announced the successful closing of a $10.2 million bridge financing for an award-winning, Class-A self-storage facility in Monmouth Junction, New Jersey.
The facility spans 74,794 net rentable square feet and is a mix of climate-controlled and drive-up units. The site demographics are strong, with an average household income of $170,000 and a five-mile trade area that is undersupplied, with only 4.3 net rentable square feet per capita of existing supply.
The bridge loan, which will support bringing the property to economic stabilization, included no lease-up covenants, a fixed interest rate, a rate lock at commitment and interest-only payments for half the loan term. Talonvest secured the five-year non-recourse financing through a life company.
“Working with the Talonvest team is always a strategic advantage,” said Dan Hryczyk, Chief Financial Officer at Metro Storage. “Their expertise and relationships in the capital markets consistently ensure optimal terms. We can trust them to guide us effectively.”
The Talonvest team members responsible for this transaction included Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler.
