Bank loan

Talonvest secures $109.7 million loan for portfolio of 10 properties

Talonvest Capital, Inc. and its client Reliant Real Estate Management along with joint venture partner Harrison Street Real Estate are pleased to announce the financing of a $109,700,000 bridge loan secured by a portfolio of 10 storage properties in self-service. The properties, located in GA, SC and CO, total 876,021 existing net leasable square feet and 811 parking spaces. The loan will also finance a total of 110,275 square feet of expansion at five of the facilities.

The non-recourse variable rate loan, with a term of four years with a one-year extension option, was financed by a major North American bank. Additional negotiated financial benefits include interest-only payments for the full initial term, no prepayment penalties, collateral release provisions, and sliding scale pricing based on performance hurdles.

Todd Allen, Managing Director of Reliant, said: “Talonvest has been instrumental in sourcing, negotiating and delivering attractive senior debt. The team’s tenacity in defending their client’s goals to the finish line was impressive. We look forward to continuing a successful relationship with the Broker and Lender. Talonvest Director Eric Snyder said, “We were honored to be given this assignment, to advise and ultimately provide a superior capital solution to the experienced professionals at Reliant and Harrison Street. The Talonvest team responsible for this mission included Eric Snyder, Kim Bishop, Jim Davies, Mason Brusseau and Thalia Tovar.

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