IRVINE, Calif., Dec. 21, 2023 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with their client, Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), are pleased to announce the closing of a $9,750,000 bridge loan financing for the acquisition of an approximately 760 unit, climate-controlled self storage facility in Tamarac, FL with approximately 69,000 net rentable square feet.
The newly constructed facility is situated adjacent to West McNab Road and benefits from exposure to 38,500 vehicles daily. The location’s strong demographics are anticipated to aid in the successful lease-up and stabilization of the property with ongoing development projects and the construction of 239 single-family homes within a 3-mile radius.
Talonvest negotiated a 45-day early rate lock for the four-year, non-recourse financing. The loan offered a fixed rate, no lease-up covenants, and two years of interest-only payments. A life company provided the funding. The Talonvest team members responsible for this transaction included Britt Taylor, Eric Snyder, Ivan Viramontes, and Lauren Maehler.
About Talonvest Capital, Inc.:
Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients.
With over four decades of experience, Talonvest Capital has a unique perspective from its team’s previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.com.
About Strategic Storage Growth Trust III, Inc.:
SSGT III is a Maryland corporation that has elected to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self storage facilities and related self storage real estate investments in the United States and Canada. As of October 18, 2023, SSGT III has a portfolio of six operating properties in the United States, comprising approximately 5,200 units and 556,400 rentable square feet and one operating property in Canada, comprising approximately 770 units and 81,800 rentable square feet.
About SmartStop Self Storage REIT, Inc.:
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of October 18, 2023, SmartStop has an owned or managed portfolio of 194 operating properties in 22 states and Canada, comprising approximately 137,000 units and 15.4 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,800 units and 3.0 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3676c74c-70b5-41c5-a71a-f31a6c2e45cf.