IRVINE, Calif., Dec. 15, 2023 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with their client Metro Self Storage, are thrilled to announce 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 5-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.
Dan Hryczyk, Chief Financial Officer at Metro Storage, commented, “Working with the Talonvest team is always a strategic advantage. 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.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9127008-aa20-4353-bc2e-3270d6102ee9