Talonvest Secures $58M Loan for Self-Storage Portfolio
The 21 facilities operated by Devon Self Storage are located in Texas, Tennessee, California and Wisconsin.
By Adriana Pop
Irvine, Calif.—Talonvest Capital Inc. has arranged a competitive bid for a $58 million loan secured by a portfolio of 21 self-storage properties located in Texas, Tennessee, California and Wisconsin. The boutique self-storage and commercial real estate advisor completed the financing on behalf of Devon Self Storage and their institutional joint-venture equity partner. Talonvest structured and closed the loan with a large national bank.
Devon Self Storage in Milwaukee
“This was a complex transaction that required a very experienced broker. The Talonvest team negotiated excellent loan terms and structure, and then tenaciously managed the closing,” noted Ken Nitzberg, chairman & CEO of Devon Self Storage.
The three-year balance sheet loan was priced at LIBORÂ plus 2.75 percent and includes interest only payments for the term, partial releases, no prepayment penalty after eighteen months, extension options, and a creative interest hedging structure that allowed the borrower to save money.
“Devon Self Storage is a valued, long-standing client of our company and their continued confidence in our capital market expertise is gratifying,” observed Talonvest Capital Principal Eric Snyder.
The Talonvest team that negotiated and structured this loan included Snyder, Kim Leslie, Tom Sherlock, and Jim Davies.
Earlier this year, the company secured $62 million of bank balance sheet loans for SoCal Self Storage.
Image courtesy of Devon Self Storage
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